UAE’s one of the prominent banks, Commercial Bank of Dubai (CBD) and the leading enabler of digital commerce in the Middle East and Africa (MEA) region, Network International, have agreed to offer merchant clients with a pre-approved business loan against their Point of Sale (POS) receivables.
As part of the partnership, CBD will offer business loans to Network International’s retail and eCommerce clients against their POS machines or payment gateway proceeds, quickly with minimal documentation. CBD offers high business loan amounts with competitive interest rates and repayment tenure of up to 36 months.
The agreement was signed by Amit Malhotra, General Manager of Personal Banking Group at CBD and Ahmed Bin Tarraf, Regional President of UAE at Network International, at a ceremony attended by senior executives from both organizations.
“The collaboration with Network International is in line with our commitment to promote the overall business environment in the UAE and support SMEs and startups 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.”
Commenting on the partnership, 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.