Commercial Bank of Dubai Partners with MBME Pay and NOW Money to Provide Innovative Digital Account Solution
Dubai – 07 June 2021: Commercial Bank of Dubai (CBD), one of the leading financial institutions in the UAE, has signed a tri-partite partnership agreement with MBME Pay, a pioneer in the UAE services and payment solutions, bill aggregator and kiosk manufacturer industry and NOW Money, the GCC’s first digital banking solution for underbanked low-income expatriate workers, to provide a full-fledged solution for corporates to offer payroll solutions, and for individual workers to access a world class banking service.
NOW Money will provide accounts to workers, including employees of MBME’s corporate relationships through NOW Money’s award winning smartphone app and Visa payment card. This will provide customers with access to banking services such as checking account balance instantly, sending remittances at preferential rates, bill payments and local and international mobile top up. What’s more, customers do not need to maintain any minimum balance and there are no hidden charges.
MBME Pay will assist in enabling customer onboarding as well as funding the accounts through cash and card deposits in addition to convenient remittances and bill payment services through their network.
Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said: “As part of CBD’s efforts to provide customers with innovative digital banking experience, we are pleased to partner with MBME Pay and NOW Money to provide a full-fledged solution for corporates and individuals to manage payments quickly and accurately. We know that smart phone penetration is high in the region, and the new digital platform NOW Money leverages this by offering convenience and ease of use to unbanked customers, in addition to a host of benefits.”
Abdelhadi Mohamed, CEO of MBME PAY, said: “The MBME Pay story began with the vision of making life convenient: a nation-wide platform to make deposits, pay merchants and bills, donate to charity, facilitate the access to government services, and beyond. Our partnership with the Commercial Bank of Dubai and NOW Money is the perfect match between corporate social responsibility and corporate cost efficiency. This partnership is designed to provide bespoke bank solutions to the unbanked population and to enhance required payroll controls which will certainly lead to important cost saving. We look forward to strength our partnership with Commercial Bank of Dubai and NOW Money in order to continue this thrilling digitalization journey to make customers’ life more convenient.”
Ian Dillon, co-founder of NOW Money, said: “The UAE economy is amongst those rapidly moving towards a cashless society which no longer makes digital solutions a luxury, but an urgent necessity. Our partnership with the Commercial Bank of Dubai and MBME removes one of the roadblocks that has long prevented the banking landscape from being a level playing field. Digital services are not the reserve for wealthy. This partnership is pioneering and makes the critical service of digital banking accessible to those in the informal economy for the first time. NOW Money exists to make the whole money ecosystem easy and in our version of the banking revolution, no one gets left behind.”