DUBAI, Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, and Network International, the leading enabler of digital commerce in the Middle East and Africa (MEA) region, have recently signed an agreement to provide Network International’s merchant clients with a pre-approved business loan against their Point of Sale Receivables.
The agreement was signed by Amit Malhotra, GM – Personal Banking Group, CBD and Ahmed Bin Tarraf, Regional President UAE, Network International, at a ceremony held recently at CBD’s Head Office in Dubai. The event was also attended by senior executives from both organisations.
With this partnership, CBD will offer business loans to Network’s retail and eCommerce clients against their Point of Sale (POS) machines or payment gateway proceeds, quickly and with minimal documentation. CBD offers high business loan amounts with competitive interest rates and repayment tenure of up to 36 months.
Amit Malhotra, General Manager – Personal Banking Group, said, “The collaboration with Network International is in line with our commitment to promote the overall business environment in the UAE and support SMEs and start-ups as they are a vital contributor to the growth of the economy. It also illustrates our determination to provide our clients with best in class products and services that caters to their needs to help them expand and achieve their future growth plans. Since last year, there has been a huge increase in the number of contactless transactions and in merchants using POS machines, largely due to the global Covid-19 pandemic. We see a strong requirement and opportunity to provide those merchants with adequate support and financing solutions to streamline their working capital so that they can focus on scaling up their businesses. This initiative further complements our recent partnerships with Dubai Economy and Emirates Development Bank.”
Ahmed Bin Tarraf, Regional President UAE, Network International said, “We are pleased to join hands with CBD to enable our merchant clients to access business loans quickly and easily against their POS receivables. As the country’s leading acquirer, we remain committed to leveraging our expertise and network to support small, medium and large UAE companies with their business objectives and to achieve their growth potential.”
CBD also offers an exclusive digital Business account for SMEs which can be opened instantly with zero balance options and a wide range of exclusive services tailored for business needs.
Source: Emirates News Agency