Emirates NBD becomes Visa's UAE settlement agent to boost local payments
Visa has named Emirates NBD as its National Net Settlement Service (NNSS) Agent in the UAE, enabling domestic Visa card transactions to be settled locally in UAE Dirhams rather than through international channels.
The agreement, signed at Emirates NBD's Dubai headquarters by senior executives from both organisations, positions Emirates NBD to manage fund transfers for domestic Visa transactions in line with Visa's network standards. The move strengthens the UAE's local payments infrastructure and gives Visa clients greater control over their settlement obligations.
For businesses and financial institutions operating within the UAE, the shift to local settlement translates to faster processing times, reduced reliance on international networks and potential cost savings from lower cross-border processing fees.
Fadi Moukaddem, Visa's SVP and Group Country Manager for UAE, Kuwait and Qatar, said the partnership reflects Visa's ongoing commitment to growing digital payments in the region and supporting local currency settlements for domestic transactions.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said the collaboration would strengthen the nation's digital payments infrastructure and align with the UAE government's push toward a cashless economy.
The appointment also reinforces the resilience of the domestic payments ecosystem by reducing dependence on international networks for transactions that originate and settle within the country.
As one of the UAE's largest banks, Emirates NBD's role as NNSS Agent marks a significant step in the country's broader financial modernisation agenda, bringing settlement capabilities closer to home for a growing base of Visa clients across the Emirates.
