Dubai’s Emirates NBD says 17% rise in digital money transfer

Dubai's biggest lender Emirates NBD saw a 17 percent increase in the value of funds in its digital money transfer platform in the first eight months of 2021, compared to the same period last year.

In a statement on Wednesday, the lender said it recorded a 15 percent increase in the number of transactions in the period, as the COVID-19 pandemic continued to drive consumer adoption of digital banking transactions.

The bank's money transfer platform, DirectRemit, saw a 10 percent growth in its user base from January to August 2021 compared with the same period last year.

Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, at Emirates NBD, said: “Consumers have been adapting quickly to the ongoing situation and digital is now the primary mode of accessing banking services."

UAE banks are benefiting from the economic recovery underway in the country on the back of mass vaccinations and gradual opening up of sectors.