The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, and Saad Exchange have signed an agreement whereby the Exchange will issue NBAD's Ratibi cards to its clients to enable payments of wages in line with Ministry of Labour Wages Protection System (WPS) guidelines.
The Ratibi card offers employers an efficient means to pay their workers, who in turn would access the funds through their Ratibi card. The programme incorporates into the banking system a segment of the population who otherwise would not have access to any banking services. Ratibi cardholders can use the card at all Visa-enabled ATMs and merchants throughout the world.
"We are very pleased to joining hands with NBAD, UAE's leading financial institution, to launch this service. This partnership is in line with our strategy to develop and provide efficient financial solutions which meet the need of different market segments," said Dr. Ibrahim Yaaqib, Managing Director of Saad Exchange.
"Customers will now be able to access their salaries through seven branches of Saad Exchange and more than 500 ATMs of NBAD all over the UAE without the need to personally open bank account." NBAD's Ratibi is 100% compliant with the UAE Government's Wages Protection System (WPS) guidelines, which seeks to protect employees by providing the Government a mechanism to track salary payments.
"Creating NBAD Ratibi and expanding its services to integrate large unbanked population into the banking system reflects our deep understanding for the necessity of developing banking products and services to accommodate today's needs," said Ahmed Al Naqbi, the Head of Direct Banking '&' E Development at NBAD. "The new partnership with Saad Exchange confirms our commitment to UAE's Labour Wages Protection System and provides workers more access options to their funds."
NBAD Ratibi is designed to replace salary payments of cheques and cash. It is a multifunctional card that has no minimum balance or annual fees, but serves as a virtual bank account. Today, NBAD has over 450,000 Ratibi cardholders employed with over 3100 companies in UAE. Ratibi gives the cardholder the flexibility of making cash withdrawals and access to a variety of electronic banking solutions including cash withdrawals through ATMs worldwide, and point-of-sale transactions for purchases at millions of merchants across the globe. The cards can also be used for the NBAD Arrow service to remit money back to their loved ones in their home countries.
"NBAD has been at the forefront of various government initiatives. This strategic partnership will allow us to benefit from NBAD's markets knowledge and expertise, and work together to deliver best services to our clients," said Dr. Ibrahim Yaaqib.