NOW Money
Payroll accounts for Gulf migrant workers excluded from traditional banks.
Accounts for migrant workers in the Gulf.
- Who holds it
- An e-money institution holds your balance in a safeguarding account — E-money institution / Stored Value Facility license (Central Bank of UAE); funds safeguarded at UAE banks incl. CBI.
- The ledger
- The e-money institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from NOW Money’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · immigrants & migrants |
| HQ | Dubai, AE |
| Founded | 2016 |
| Custody | Custodial |
| Regulation type | E-money institution |
| License detail | E-money institution / Stored Value Facility license (Central Bank of UAE); funds safeguarded at UAE banks incl. CBI |
| Card | Visa · Payroll + debit |
| Stablecoins | No |
| KYC | Yes |
| Active regions | MENA |
| Founders | Katharine Budd, Ian Dillon |
Verified links: official site ↗
Common questions about NOW Money
What is NOW Money?
NOW Money is a fiat neobank built for immigrants & migrants, headquartered in Dubai, AE and founded in 2016. Your money is held custodially, so NOW Money or its partner bank holds the balance and you hold a claim on it. It is regulated as an e-money institution (E-money institution / Stored Value Facility license (Central Bank of UAE); funds safeguarded at UAE banks incl. CBI).
Does NOW Money have a card, and where can you use it?
It issues a Visa payroll and debit card. It is available in MENA.
Does NOW Money require KYC?
Yes. NOW Money requires identity verification (KYC) to open an account, as a e-money institution.
Peers
Wise · Telda · Wio Bank · Zand · YAP · Liv.
NOW Money appears in
Neobanks authorised as e-money institutions (48) · Neobanks available in MENA (85) · Neobanks for immigrants and migrants (9) · Neobanks that issue a Visa card (182) · Neobanks in UAE (14)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.