UAE: CBD,NOW Money Partner on a Project Focused on Low-Income Customers

UAE: CBD,NOW Money Partner on a Project Focused on Low-Income Customers

Commercial Bank of Dubai (CBD) has signed a partnership agreement with NOW Money, the digital account service, to provide accounts and cards targeted specifically at low-income customers.

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Dr Bernd van Linder, chief executive officer, Commercial Bank of Dubai, said: "We are delighted to partner with NOW Money to extend our banking service for low-income, largely unbanked customers in the UAE. Given the high smart phone penetration in the region, we believe Now Money - a digital, app based solution will be extremely popular with customers offering them convenience and ease of use in addition to a range of benefits."

NOW Money will open accounts for existing CBD low-income customers (previously known as Rateb customers) with immediate effect, allowing these customers to benefit from a frictionless digital experience and avail a range of