NOW Money is an app-only bank serving the unbanked in the Middle East. The mobile banking app is "driven by financial inclusion and corporate social responsibility, in alignment with the UAE's vision to improve employee welfare, especially for low income migrants." Based in Dubai, NOW Money is the first financial institution of its kind in the GCC (the Cooperation Council for the Arab States of the Gulf).
Many migrant workers in the Gulf cannot afford the banking fees associated with having a bank account. NOW Money aims to empower the local unbanked population by replacing standard payroll practices with an app. The online accounts come with a debit card and are accessible via a link sent by employers. Customers can top up prepaid cards, pay bills, make international transfers and compare services.
App-Only Banks
NOW Money Provides Affordable Services to Unbanked Migrant Workers in the UAE
Trend Themes
1. App-only Banks - Opportunity for app-only banks to provide affordable services to unbanked populations.
2. Financial Inclusion - Disruptive innovation opportunity to improve employee welfare for low-income migrants.
3. Mobile Banking - Mobile banking apps provide convenience and accessibility to unbanked populations.
Industry Implications
1. Fintech - Fintech companies can utilize app technology to serve the unbanked population.
2. Remittance - Remittance industry can benefit from app-based international transfers for the unbanked.
3. Employment Services - Opportunity for employment services to integrate app-based banking solutions for migrant workers.