RAKBANK partners with the Ministry of Finance

 to become one of the partnering banks of the new eDirham payment gateway

United Arab Emirates, 25 October 2020: The National Bank of Ras Al Khaimah (RAKBANK) and the Ministry of Finance are proud to present the third generation of eDirham, cashless payment platform that empowers users to make transactions easily as it is a seamless, convenient and secure medium that focuses on immersing digital transactions across the country for the government sector.

RAKBANK is one of the partnering banks of the eDirham payment scheme as an eDirham acquiring bank that will be made readily available in the coming weeks to several government entities across the country starting with the respectable Ministry of Energy and Industry. Similarly, number of federal Ministries and Authority will follow suit including several Ras Al Khaimah government entities.

As an early adopter of the eDirham, this initiative also encompasses an integrated ability by the Bank to issue eDirhams through the RAKBANK digital banking platforms for individual and business customers to make payments seamlessly. Additionally, the Bank’s customers can use the eDirham mobile app itself to make payments by simply linking it to their RAKBANK account. This easy and safe method of electronic payment and collection of revenue for both government and non-government fees are in line with Abu Dhabi’s 2030 vision on effective economic transformation across all sectors.

H.E Engineer Sharif Salim Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure said:

“The eDirham highlights the UAE’s outlook that is based on a green economy and supported by knowledge and sustainable development. The eDirham offers users a more innovative, convenient, safe and effective system that contributes to the completion of transactions in a smooth, safe and efficient manner.”

H.E. Saeed Rashid Al Yateem, Assistant Undersecretary of Resource and Budget Sector at MoF said:

“The Ministry of Finance is keen to cooperate with various banks and financial institutions to expand the adoption and development of the eDirham system, and enable local and federal government entities, and private sector institutions in the country to efficiently and effectively collect fees. This falls in line with the objectives of the National Agenda of the UAE Vision 2021 that is aimed at improving the quality of services provided to individuals and companies.”

HE added: “MoF continues to bolster the eDirham system, and keep pace with the digital transformation in the financial services it provides, in order to meet the current and future requirements of government services fees’ payments, and contribute to achieving the vision of our wise leadership in spearheading the future.”

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said:

“RAKBANK is honoured to play an integral role in the enhanced third generation eDirham. The increased use in smartphones and smartwatches relative to the internet and mobile data penetration in the country has resulted in the significant growth and constant development of the digital payment landscape in all sectors and industries, especially government. Whether you are using eDirham as an individual or an organization, you will fully enjoy the convenience of cashless payments that are fast, simple and secure. What’s more, eDirham’s transactional rates are highly competitive”

Peter England, Chief Executive Officer at RAKBANK, said:

“The third generation of eDirham is an innovation of the Ministry of Finance that aims to transform the market of cashless transactions and contribute to a more technologically advanced society. The world of financial innovation is constantly evolving and the Bank’s main commitment is to support the burgeoning digital payments environment as it is imperative and in line with RAKBANK’s ultimate objective of being part of the change and playing a prominent role in its constant development.”

eDirham proudly embraces the UAE’s national identity and vision of a knowledge-based economy, it will be an elevator that contributes to a more efficient, transparent, knowledge-driven and future-focused society. Recognizing that innovation must be an ongoing process, eDirham will be an innovator that continuously crosses new frontiers of financial evolution to keep its audience in sync with global disruptions and will deliver diverse benefits to its users, as an accelerator that speeds up a new generation of convenience, security, efficiency and overall customer happiness in cashless transactions.

About RAKBANK           

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.