RakBank has signed an agreement with C3, a prepaid card service provider, in order to provide C3 with a BIN sponsorship on their prepaid cards to strengthen the C3 payroll offering.

With this partnership, UAE based companies will be able to provide immediate salary transfers to their blue-collared workers on the C3 prepaid payroll card. This enables RakBank to offer payroll solutions for both banked and unbanked employees and companies, thus promoting financial inclusion and opening up new market space for the Bank.

Moreover, the partnership facilitates that C3 prepaid payroll cardholders are able to instantly transfer money to select Asian countries with RakBank’s Award winning RakMoneyTransfer remittance service conveniently using the C3 digital mobile application on their Smartphones. In addition, C3 prepaid payroll cardholders are offered loans and other value added services from RakBank.     

RakBank CEO Peter England said: “The partnership with C3 is in line with RakBank’s commitment to offer a more holistic banking experience by providing an entry into the UAE’s blue-collared payroll schemes. The Bank has always been at the forefront of a well-defined segmentation strategy to deliver a diverse selection of products & services.

“If you take a look at RakBank’s cards portfolio, you will notice that our vast selection of cards ranging from prepaid, debit and credit cards all provide unique features and benefits that are customized to each income segment.” – TradeArabia News Service