Dubai’s Emirates NBD Announces 17% Increase in Digital Money Transfer

Dubai’s largest lender, Emirates NBD, saw a 17% increase in the value of funds on its digital money transfer platform in the first eight months of 2021, compared to the same period last year .

In a statement on Wednesday, the lender said it saw a 15% increase in transactions over the period as the COVID-19 pandemic continued to drive consumer adoption of digital banking transactions.

The bank’s money transfer platform, DirectRemit, saw a 10% growth in its user base from January to August 2021 compared to the same period last year.

Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management at Emirates NBD, said: “Consumers have quickly adapted to the current situation and digital is now the primary mode of access. banking services”.

Emirati banks are benefiting from the ongoing economic recovery in the country thanks to massive vaccinations and the gradual opening of sectors.

The lender posted a net profit of 2.46 billion dirhams ($670 million) in the second quarter, compared to 2.01 billion a year ago.

(Writing by Brinda Darasha; editing by Daniel Luiz)

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© ZAWYA 2021