Commercial Bank of Dubai Partners with NOW Money to Target Low-Income Customers

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

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 the digital experience and a range of low-cost financial services.

These accounts will also be offered to customers currently not banking with CBD.

Ian Dillon

“We’re thrilled to be partnering with CBD. Our joint aim is to give lower-income people access to the digital financial system for the first time. We are offering them control and convenience for their finances in a much more advanced and cost-effective way than anything else in the market.”

said Ian Dillon, Co-founder of NOW Money

Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said:

Dr. Bernd van Linder

“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.”