RAKBANK and Network International have completed a merchant acquiring deal in the UAE. The agreement was closed after all the required approvals from the Central Bank of the United Arab Emirates were met.
The deal received the green light from the Central Bank of the United Arab Emirates, effectively moving the project from the drawing board to the real world. For business owners across the Emirates.
Expanding payment capabilities across the UAE
Under this new setup, Network International is taking the reins to provide cutting-edge payment solutions to RAKBANK’s massive section of clients. This includes everyone from small-scale entrepreneurs (SMEs) to some of the country’s largest corporations.
A big win for SMEs
At the heart of this deal is a major focus on SMEs. These businesses are the backbone of the UAE’s economy, but they often struggle to access the same high-end tech that big banks use.
This partnership is a game-changer because it brings in a whole set of extra tools that usually only the big guys get to use. The goal is simple: give local shop owners and small startups the same high-tech payment gear they need to thrive in a world that’s moving away from cash.
Smooth sailing for existing merchants
If you’re a business owner already using RAKBANK’s services, there’s no need to worry about technical hiccups. Both companies have gone out of their way to promise a seamless transition. The idea is to keep services running without a second of downtime while slowly rolling out new, advanced tools that help merchants manage their operations more efficiently.
For RAKBANK, this deal is a strategic masterstroke. The bank noted that it is entering this new phase with an incredibly strong balance sheet and high liquidity levels, which are among the best in the UAE banking sector.
By offloading the heavy lifting of merchant acquiring to a specialist like Network International, RAKBANK can double down on its strategy to become a digital-first, customer-centric institution. With the partnership now fully operational, both players are in a prime position to lead the way as the UAE’s payment landscape continues to evolve.
