These partnerships represent a significant advancement in NOW Money’s goal to offer accessible financial services to underserved migrant workers in the GCC region.
The collaboration with Commercial Bank International will improve NOW Money’s banking capabilities by using CBI’s established banking infrastructure. This partnership is expected to expand NOW Money’s product offerings, allowing for more integrated and efficient financial services for its growing customer base.
Network International will serve as NOW Money’s primary partner for payment processing. By integrating Network International’s payment solutions, NOW Money aims to provide faster, more reliable, and secure transactions, improving the overall financial experience for its users. This partnership is expected to improve NOW Money’s operational efficiency and scale its services to meet the increasing demand for digital financial solutions in the region.
These strategic partnerships are aligned with NOW Money’s mission to help the unbanked population by offering them the necessary tools and resources for financial independence.
With the support of CBI and Network International, NOW Money is positioned to continue its growth in the fintech industry, furthering its commitment to creating a more inclusive financial ecosystem.
Challenges faced by the underbanked migrant population
Migrant workers in the Middle East, particularly those from low-income backgrounds, often face significant challenges in accessing traditional banking services. Many of these workers lack the necessary documentation or income stability required by conventional banks, leaving them dependent on cash-based transactions. This reliance on cash not only poses security risks but also limits their ability to save and manage their finances effectively. Additionally, high remittance costs further strain their limited resources, making it expensive to send money back home to support their families. These barriers contribute to the financial exclusion of a large segment of the migrant population, preventing them from fully participating in the formal economy.
NOW Money addresses these challenges by providing accessible digital banking and payroll solutions tailored to the needs of underbanked migrant workers. Through its mobile platform, NOW Money offers secure, low-cost financial services, including digital payments, remittances, and savings options. By eliminating the need for traditional bank accounts and reducing transaction fees, NOW Money helps migrant workers take control of their finances, promoting financial inclusion and improving their economic stability. The platform’s user-friendly interface and multilingual support further ensure that these services are accessible to a diverse and often underserved population.
