NBF launches NBF Qollect to provide real time customer payments

• Malabar Gold & Diamonds will be the first NBF customer to implement the application
• Aani is an instant payment platform developed by Al Etihad Payments, a subsidiary of the Central Bank of the UAE

Dubai – 28 November 2024 — The National Bank of Fujairah (NBF) has announced the launch of NBF Qollect, a new Point of Sale (POS) application which delivers seamless, secure, and instant payments. Leading global jewellery retailer Malabar Gold & Diamonds, a key NBF corporate customer, will be the first to use NBF Qollect to collect payments.

"The new Aani-integrated application will enable retailers to generate dynamic QR codes for accepting real-time customer payments, leveraging Aani's instant payment capabilities. Integrated with NBF’s payment infrastructure, Aani’s technology supports seamless, cashless, and cardless transactions, enhancing payment security and user convenience. All customers will be able to pay at NBF Qollect using any of their mobile banking apps integrated with Aani. "

By facilitating instant and secure transactions, and simultaneously removing the burden of high POS fees, NBF Qollect will also foster financial inclusivity and cost efficiency within the UAE retail sector, ultimately benefiting both consumers and businesses alike.

For retailers like Malabar Gold & Diamonds, the application will ensure a safe, easy, and instant means for businesses to receive funds, enhancing operational efficiency and customer satisfaction.

Adnan Anwar, CEO of NBF, commented: “The launch of NBF Qollect aligns with two of NBF’s longstanding strategic aims – to continuously simplify and enhance the service we offer all our valued customers, and to digitalise our operations wherever it improves speed, security and convenience.

We saw the transformative potential of Aani from the outset, and are delighted that Malabar Gold & Diamonds will be among the first businesses to implement the application. By leveraging their broad merchant base we hope to drive adoption across diverse market segments, and ultimately realise that potential.”

Mohamed ElGhamry, Head of Corporate Banking at NBF, added: “At NBF, we are committed to elevating the corporate customer experience, by leveraging innovative, advanced technologies such as the Aani platform, and providing services tailored to their business needs. Our goal is to build lasting relationships with our corporate clients by understanding their unique requirements and providing bespoke solutions that drive their growth and support their success. We believe that by continuously enhancing our service offerings, we can deliver exceptional value and support our clients in achieving their financial goals.”

NBF Qollect was developed in conjunction with renowned technology provider Pine Labs, which helped create a portal for customer registration, develop the Soft POS application for dynamic QR code generation, and offered extended customer service support for the software solution.

Sumit Mittal – Executive Vice President and Managing Director - MEA at Pine Labs added: “Pine Labs is thrilled to partner with the National Bank of Fujairah (NBF) to launch an easy-to-use and scalable soft POS QR-acceptance application for iOS and Android merchants wanting to accept Aani QR-based payments. We will continue to work closely with NBF to accelerate the adoption of innovative financial technology solutions.

Established over 25 years ago, Pine Labs brings a wealth of expertise in fintech solutions, and has a proven track record of providing robust technology infrastructure and stringent security measures to several of the UAE’s leading banks.

Aani, a pioneering instant payments platform introduced by The Central Bank of the United Arab Emirates (CBUAE) and developed by Al Etihad Payments, is revolutionising the digital payments landscape in the region. In just a year since launch, this platform has become quite popular among users as it allows them to securely make instant payments using mobile numbers, e-mail addresses, or QR codes.”

Jan Pilbauer, CEO of Aani Al Etihad Payments commented: “The launch of NBF Qollect, powered by Aani’s QR code payment technology, simplifies payment acceptance and management, allowing merchants to focus on their core business. It accelerates acceptance at new touchpoints and drives digitalisation across a broader merchant base. As Al Etihad Payments, we continue enabling our partners in offering cost-efficient solutions that provide seamless card and contactless transactions, further advancing the UAE’s digital payments landscape.”.

Built on a state-of-the-art infrastructure, Aani provides licensed financial institutions and payment providers with unparalleled capabilities, enabling faster, safer, and round-the-clock digital transactions.

NBF is one of the UAE’s leading financial institutions that has participated in Aani from its inception. More information on how NBF is deploying Aani, and customer guidance, can be found at: https://nbf.ae/en/tools-and-support/customer-support/aani , on NBF’s mobile banking app, on ATMs, and in branches.