NOW Money, a pioneering fintech that provides banking and payroll solutions to underbanked Middle Eastern migrants, announced its strategic collaborations with Commercial Bank International (CBI) and Network International.
These partnerships represent a critical turning point in NOW Money’s objective to assist the underprivileged migrant worker community in the GCC by offering inclusive and easily accessible financial services.
Through these partnerships, It will be able to take advantage of these companies’ skills and experience to provide its clients with even more extensive banking products.
Through their relationship with Commercial Bank International, NOW Money will be able to take use of CBI’s strong banking network and experience, which will improve NOW Money’s ability to provide its users with comprehensive, safe, and effective banking products. With CBI’s assistance, NOW Money hopes to increase the range of products it offers and give its expanding clientele more smooth and comprehensive financial services.
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Network will be NOW Money’s principal processing partner for payments. By incorporating Network International’s advanced payment solutions, NOW Money will be able to provide its users with faster, more dependable, and secure transactions, hence enhancing their financial experience.
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Through this partnership, It will be able to scale its offering and improve operational efficiency in order to fulfil the growing demand for more advanced digital financial services in the area.
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.”
Many people in the Middle East have already benefited from NOW Money’s creative approach to mobile banking; 10,970,647 transactions have been completed through the platform, and more than 511 responsible employers have paid AED 2,807,504,300 in salary.
Giovanni Everduin, Chief Strategy & 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.
The goals of NOW Money, which are to empower the unbanked population by giving them the means to achieve financial independence, are in line with the strategic collaborations with CBI and Network.
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.”
As it pursues its goal of building a more accessible financial ecosystem, NOW Money is still at the forefront of the fintech sector.
About NOW Money
NOW Money offers a payroll interface to enterprises and a digital bank account to employees to address their true needs through financial inclusion.
About Commercial Bank International
CBI, a UAE corporate and retail bank, is increasing its Islamic banking operations. In 1991, Ras Al Khaimah founded the Dubai-based bank.
About Network International
Network International dominates digital payments in the Middle East and Africa. The goal is to simplify payments and commerce to boost businesses and economies.
