Dubai, UAE – NOW Money, a pioneering fintech company that provides banking and payroll solutions to the underbanked migrant population in the Middle East, has announced new strategic partnerships with Commercial Bank International (CBI) and Network International (Network). These alliances represent a significant milestone in NOW Money’s ongoing mission to deliver accessible and inclusive financial services to the underserved migrant worker population across the GCC.
Expanding Financial Services Through Strategic Alliances
The collaboration with CBI will allow NOW Money to harness the bank’s robust infrastructure and extensive expertise, enhancing the efficiency, security, and comprehensiveness of its banking solutions. With CBI’s support, NOW Money plans to expand its product offerings, aiming to provide more seamless and integrated financial services to its growing customer base.
Simultaneously, Network International will become NOW Money’s key partner in payment processing. By integrating Network International’s advanced payment solutions, NOW Money aims to deliver faster, more reliable, and secure transactions. This partnership is poised to significantly enhance NOW Money’s operational efficiency and scale, enabling the fintech to meet the growing regional demand for sophisticated digital financial services.
Leadership Perspectives on the Partnerships
Nicolas Andine, CEO of NOW Money, emphasized the impact of these 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.”
He added, “Our first priority has always been our customers and users. We are committed to offering them a best-in-class digital payroll and mobile banking experience, combined with local, hands-on customer service. We will continue to deliver the very best experience to our customers, and we look forward to the next chapter with our new banking partners.”
Giovanni Everduin, Chief Strategy & Innovation Officer at CBI, shared his perspective on the partnership: “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. Collaborating with NOW Money and Network International reflects our ambition to increase the supply of sophisticated digital financial services in the country and to further drive financial inclusion as part of our standing commitment to sustainable finance.”
Navneet Dave, Managing Director & Co-Head of Processing Middle East at Network International, expressed excitement about the collaboration: “We are thrilled to be NOW Money’s chosen partner to expedite the expansion of payroll cards in the UAE. We are committed to supporting NOW Money’s growth strategy of promoting financial inclusion by providing innovative payment solutions. With Network’s exceptional technological capabilities, serving over 200 financial institutions, we will enable NOW Money to bolster its presence in the UAE as one of the leading payroll services providers.”
Somu Roy, Managing Director UAE, Group Processing at Network International, added: “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.”
A Vision for Financial Inclusion
Since its inception, NOW Money’s innovative approach to mobile banking has positively impacted the lives of many in the Middle East. To date, the platform has processed 10,970,647 transactions, with over AED 2,807,504,300 in salaries paid by more than 511 responsible employers.
These strategic alliances with CBI and Network International align perfectly with NOW Money’s vision to empower the unbanked population by providing them with the tools and resources needed for financial independence. The company continues to lead the charge in the fintech industry, driving forward its mission to create a more inclusive financial ecosystem.
For more information about NOW Money and its services, please visit www.nowmoney.me.
About NOW Money
Founded in 2016, NOW Money provides mobile banking services for workers of all income levels, particularly those who have been historically overlooked and underserved. Financial inclusion is at the core of NOW Money’s mission, offering equal access to financial services for all. The platform offers customers a mobile banking app with low-cost services, including local and international mobile top-ups, contactless Visa card usage for online and in-person transactions, and cross-border money transfers at competitive exchange rates. NOW Money has garnered international acclaim, winning over 20 awards for its work in financial inclusion.
About Commercial Bank International (CBI)
CBI is a UAE-based corporate and retail bank, with a growing Islamic banking division. Established in 1991 in Ras Al Khaimah, CBI is headquartered in Dubai and is listed on the Abu Dhabi Securities Exchange (ADX). The bank is regulated by the Central Bank of the UAE and the Securities and Commodities Authority (SCA), with a long-term issuer default rating of BBB+ from Fitch Ratings. CBI offers a comprehensive range of banking products and services, including lending, trade services, cash management, and treasury solutions.
About Network International
Network International is the leading digital payments company in the Middle East and Africa, serving governments, banks, fintechs, merchants, and public sector companies across 50+ countries. With over 2,000 employees, Network International provides world-class digital payments infrastructure and services to over 200 financial institutions and 120,000+ merchants, helping businesses and economies grow by simplifying payments and commerce.
For more details, visit www.network.ae.
