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MoneyGram, NBAD Enter Into Strategic Agreement For Mobile Money Transfer Service

MoneyGram International and National Bank of Abu Dhabi (NBAD) have entered into a strategic agreement to bring convenience of mobile money transfer service to consumers in the UAE.

According to MoneyGram, this agreement will allow NBAD customers conduct international remittances via mobile phones to more than 200,000 locations across 190 countries around the globe.

The mobile money transfer service will enable 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 at 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. NBAD understands a key component to delivering quality service is by being a leader in innovation. The Arrow mobile phone payment service and its expansion into international remittance is another example of NBAD’s innovative leadership in the market place.”