RAKBANK inks MoU with Jafza to provide banking services to SMEs

RAKBANK inks MoU with Jafza to provide banking services to SMEs

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Ras Al-Khaimah-based leading financial institution National Bank of Ras Al Khaimah (RAKBANK) has entered into a strategic alliance with UAE’s leading trade and logistics hub Jebel Ali Free Zone (Jafza) in order to offer banking services for small and medium-sized enterprises (SMEs).

As part of the agreement, RAKBANK will provide SMEs operating in Jafza with immediate access to the Bank’s solutions and services. The MoU comes as the UAE economy accelerates its expansion as the world recovers from the pandemic’s effects.

The bank said in a statement that, “Among the products offered to SMEs in the free zone are the RAKstarter account, Business Current Account, and priority service banking with the RAKelite Business.” Further, the Bank will offer Business loans, Point of Sale financing, Term, and Working Capital financing, Real Estate financing, Asset-based financing, and Cash Management services.

The MoU will facilitate businesses in Jafza to enjoy a 100 percent digital and fast account opening process with RAKBANK and have access to additional essential banking services.

Dhiraj KunwarManaging DirectorBusiness Banking RAKBANK

“The collaboration with Jafza is a natural next step in how RAKBANK seeks to enhance its collaboration with the prestigious free zone. We aim to constantly provide SMEs with the financial solutions and