Visa, a global leader in digital payments, has announced a new strategic move to boost the efficiency of the payment ecosystem within the UAE. They've chosen Emirates NBD, one of the leading banking institutions in the Middle East, North Africa, and Turkey, as the official agent for the National Net Settlement Service (NNSS). This appointment marks a significant shift in how Visa card transactions are settled within the country. Settlements will now happen locally in UAE Dirhams, moving away from reliance on international settlement systems. This change will help make financial operations more flexible and faster, while also supporting the localization of payments and reducing dependence on external channels. Under this framework, the settlement entity in the National Net Settlement System – typically a licensed bank or financial institution – will handle local transaction settlements between Visa customers according to the network's standards.
Simplifying Local Currency Settlement Procedures
Related editorial
Ahmed Ameer (Asphalt & Sinbad) Explains Egypt's Shift to Smarter Line Haul Pricing
Egypt's inter-city logistics market is undergoing a significant transformation in how 'Line Haul' services are priced. Entrepreneur Ahmed Ameer explains that the industry is moving away from older methods like per-invoice or per-bag pricing towards a more modern 'per-shipment' model. This exciting shift makes logistics services much easier to measure and scale, ultimately boosting operational efficiency and helping businesses manage their costs more effectively.
Bank NXT and EFG Hermes Launch Egypt's First Card to Blend Daily Spending with Investments
Bank NXT and EFG Hermes have teamed up to launch Egypt's first co-branded credit card. This innovative card, designed specifically for EFG Hermes ONE clients, uniquely brings together banking and securities brokerage services, offering a seamless financial experience that connects everyday spending with investment growth.
e& Egypt Launches 'She Blooms' Program to Empower Women Leaders
The 'She Blooms' program is a fantastic new initiative designed to help women professionals at e& Egypt build strong leadership skills and boost their career resilience. It creates a supportive space for mentorship, sharing experiences, and open discussions.
Gulf Economies and Startups: Staying Strong Amidst Global Headwinds
Even with global challenges like rising costs and supply chain issues, Gulf markets are proving incredibly resilient. They're adapting well to changes, showing their strength in a tough environment.