Now Money offers alternative for Gulf’s unbanked expats

The Gulf’s economy — from oil production to tourism — is underpinned by expatriate workers, the majority of whom are not paid enough to open a regular bank account.

About 70 per cent of the population in the Middle East and north Africa do not have access to banking services, says Ian Dillon, co-founder of Now Money, a Dubai-based financial technology group.

Founded four years ago, the company aims to open up financial services for the low-income workers in the six-nation Gulf Cooperation Council: labourers, taxi drivers, cleaners and hotel staff who arrive largely from south Asia and Africa.

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