MoneyGram claims that NBAD is the first MENA bank to allow international remittances via mobile phones to more than 200,000 locations across 190 countries around the globe.
The agreement will enable NBAD customers to initiate mobile money transfers virtually any time and any where, without the need to go to a retail location.
MoneyGram said that the mobile money transfer service enables NBAD customers with an Arrow account or an NBAD-issued prepaid card to transfer money via mobile phone. Those who have no accounts at NBAD or not holding an NBAD-issued prepaid card can still use the Arrow service by using Visa co-branded prepaid cards.
Nigel Lee, executive vice president for Europe, Middle East, Africa, and Asia Pacific for MoneyGram, said: “We recognize the critical role that mobile technology is playing in the evolution of the remittance market and we are delighted to partner with NBAD to be the first to offer international money transfer services via mobile phone in the UAE.”
John Malouf, general manager of consumer banking at NBAD, said: “An overwhelming majority of expatriates in the UAE remit money to their families in their home countries. The Bank wanted to bring to the market a product that serves this large demographic. We worked very methodically for more than a year with our partners to fine-tune the Arrow service to ready it for consumers to use it to conduct international remittances.”
Will the new service bring fruitful results to the companies?
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