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Money in dubai now

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Simeon Kerr in Dubai. Founded four years ago, the company aims to open up financial services for the low-income workers in the six-nation Gulf Cooperation Council: labourers, taxi drivers, cleaners and hotel staff who arrive largely from south Asia and Africa. Utilising a smartphone app, Now Money offers access to competitive exchange rates. It also provides access to the broader financial system via a debit card for store and online purchases — such as mobile phone top-ups — as well as cash machines. Now Money has agreements with 12 companies to provide services to their employees. Since launching in May in the United Arab Emirates, Now Money has gained 1, customers and says it is adding more each week.

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A fast, easy way to send money to United Arab Emirates

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According to the World Bank, in the Arab world stretching from Muscat to Casablanca, only eight per cent of adults belonged to the banked population in As many as 69 per cent of adults remain unbanked in the region, said the report.

Countries with the highest gross domestic product GDP per capita have significant underbanked rates, such as those in the GCC. This is mainly due to the large expatriate population working in these countries with low and middle-income salaries. In the UAE, in particular, around 80 per cent of the population is outside the current financial system, due to a lack of suitable bank accounts, insurance policies, credit cards and loan options.

Founded four years ago, NOW Money launched with the aim of opening up financial services for low-income workers in the Gulf, such as labourers, taxi drivers, cleaners and hotel staff. It also provides access to the broader financial system via a debit card for store and online purchases — such as mobile phone top-ups — as well as cash machines.

Dillon says the biggest challenge for anybody wanting to do something new in payments, particularly in an emerging market, is a lack of understanding. According to Dillon, the Middle East is beginning to embrace startup culture to make it easier for others to follow, which is a positive first step. The product may differ a little for each market depending on requirement and appetite, but we are already establishing partnerships in these markets to allow us to launch in early Image courtesy of Middle East Exchange According to the World Bank, in the Arab world stretching from Muscat to Casablanca, only eight per cent of adults belonged to the banked population in All the information you need to navigate Mena's startup ecosystem Sign up to receive our weekly digest of stories, op-eds, events and more updates.

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Welcome to NOW Money

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Digital payroll and accounts solution for companies and their low-income employees employees are known as account holders. Send money home using the transfer marketplace. No more trips to the exchange house!

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US dollar to Emirati dirham exchange rates

Notes come in denominations of 5, 10, 20, 50, , , and 1, dirhams. The writing on the front of the note is in Arabic while that on the reverse is English. The dirham to dollar exchange rate is fixed at a rate of 3. Most world currencies are not pegged to the dollar and so their exchange rate with the dirham fluctuates daily. Dubai is a popular destination for visitors from the Middle East. The city attracts around one million visitors each year from Saudi Arabia alone. Each year the city attracts approximately , tourists from South Africa. Visitor numbers from other African countries are fairly low. Approximately , Australians and 30, New Zealanders visit Dubai each year.

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According to the World Bank, in the Arab world stretching from Muscat to Casablanca, only eight per cent of adults belonged to the banked population in As many as 69 per cent of adults remain unbanked in the region, said the report. Countries with the highest gross domestic product GDP per capita have significant underbanked rates, such as those in the GCC. This is mainly due to the large expatriate population working in these countries with low and middle-income salaries.

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Sep 16, - Now Money a Dubai-based financial technology group. (Handout). Dubai-based Now Money is providing the Gulf's unbanked expats an.

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