NOW Money, a fintech providing banking and payroll solutions to the underbanked migrant population in the Middle East, is on a mission to provide accessible and inclusive finance. However, achieving this alone is an incredibly difficult task. As such, the fintech has announced new partnerships with Commercial Bank International (CBI) and Network International (Network).
Nicolas Andine, CEO at NOW Money
Nicolas Andine, CEO at NOW Money commented on the partnerships: “These agreements will further champion financial inclusion, advance banking security and bring greater innovation to the digital banking ecosystem for businesses, and most importantly for low-income workers, across the UAE in an increasingly cashless society.”
“Our first priority has always been our customers and users and we want to make sure we offer them a best-in-class digital payroll and mobile banking experience combined with local hands-on customer service. We will continue to deliver the very best experience to our customers, and we look forward to the next chapter with our new banking partners.”
NOW Money’s approach to mobile banking has already positively impacted the lives of many in the Middle East, with 10,970,647 transactions processed through the platform and AED 2,807,504,300 in salaries paid by over 511 responsible employers.
Joining forces for a stronger offering
Both collaborations will impact NOW Money and its mission in different ways. Commercial Bank International will enable NOW Money to deliver efficient, secure and comprehensive banking solutions to its users through its banking infrastructure. Meanwhile, Network will enable NOW Money to offer faster, more reliable and secure transactions through its payments solutions.
Giovanni Everduin, chief strategy and innovation officer at CBI
CBI and Network will both have a big impact on NOW Money and its users as they will receive more seamless and integrated financial services that will help grow its customer base in Dubai. Additionally, benefits will include bolstering NOW Money’s operational efficiency and scaling its offering to meet the increasing regional demand for more sophisticated digital financial services in the region.
The strategic alliances with CBI and Network align with NOW Money’s vision to empower the unbanked population by providing them with the tools and resources needed for financial independence.
Giovanni Everduin, chief strategy and innovation officer at CBI commented: “A core part of our strategy is to focus on partnership-driven innovation to serve the vision of the UAE’s leadership to become a leading financial services hub.
“Working with partners like NOW Money and Network International reflects our ambition to increase the supply of sophisticated digital financial services in the country and to further drive financial inclusion as part of our standing commitment to sustainable finance.”
Support from new partners
Navneet Dave, managing director and co-head of processing – Middle East at Network International
Navneet Dave, managing director and co-head of processing – Middle East at Network International commented: “We are thrilled to be NOW Money’s chosen partner to expedite the expansion of payroll cards in the UAE. We are committed to supporting NOW Money’s growth strategy of promoting financial inclusion by providing innovative payment solutions. With Network’s exceptional technological capabilities, serving over 200 financial institutions, we will enable NOW Money to bolster its presence in the UAE as one of the leading payroll services providers.”
Somu Roy, managing director UAE, group processing at Network International
Somu Roy, managing director UAE, group processing at Network International said: “We are delighted to assist NOW Money in growing its payroll operations in the region while financially empowering people and businesses. Our collaboration builds on Network’s 30 years of experience and expertise in creating world-class digital payments infrastructure and services for clients.”
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