Dubai, United Arab Emirates – Visa, a global leader in digital payments, announced the selection of Emirates NBD, one of the leading banking institutions in the Middle East, North Africa and Turkey region, as an official agent for the National Net Settlement Service (NNSS) in the UAE.

Under this designation, local Visa card transactions will be settled within the UAE and in UAE dirhams, instead of through international settlement systems. This move enhances local settlement capabilities and provides Visa customers with greater flexibility in managing their operational obligations within the country.

The clearing entity in the National Net Settlement System (NNSS), typically a bank or licensed financial institution, handles the settlement of local transactions between Visa customers according to network standards. Emirates NBD, as Visa's official agent in the UAE, will streamline the settlement process in UAE dirhams, thereby increasing the efficiency and speed of transactions.

The agreement was signed at the bank's headquarters in Dubai by Suleima Gutieva, Vice President and General Manager of Visa in the UAE, and Anith Daniel, Head of Group Transaction Banking at Emirates NBD.

Commenting on the partnership, Fadi Mokaddam, Senior Vice President and Regional Head of Visa Group in the UAE, Kuwait, and Qatar, said: “This partnership comes as part of our commitment to expanding the growth of digital payments in the UAE and confirms our vision to strengthen the national payments ecosystem. We are pleased to collaborate with Emirates NBD to continue facilitating local currency settlements for our customers’ Visa transactions within the country. We are confident that the established expertise of this long-standing banking institution and its prestigious regional standing will contribute to enhancing the settlement services we provide and delivering continuous improvements that benefit our partners in the payments ecosystem.”

Ahmed Al Qassim, Head of Group Business Banking at Emirates NBD, said: “We are proud to be appointed as the agent for the National Net Settlement Service to handle the settlement of local Visa transactions within the UAE. This partnership is a pivotal step that will contribute to accelerating and simplifying internal settlement procedures and enhancing the country’s digital payments infrastructure, in line with the government’s drive towards a more cashless economy. This appointment also reflects Visa’s confidence in our ability to provide leading financial services, as we continue to strengthen our commitment to supporting issuers, collectors, and our partners across the country by providing more efficient and reliable solutions.”

Benefits of the National Net Settlement System for the UAE Payments System

• Faster local settlement: Visa transactions in UAE Dirhams are processed and settled within the country, reducing transaction times and minimizing delays.

• Higher reliability: Reliance on a local infrastructure reduces dependence on international networks for internal transactions, which enhances continuity and stability.

• Cost reduction: Reducing international processing can lower some fees, creating opportunities for more cost-efficient operations.

• Greater flexibility for customers: Greater potential for automating the management of local settlement obligations in line with the requirements of the UAE market.

About Visa

Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and governments in more than 200 countries and territories. Visa’s mission is to connect the world through the most secure, innovative, convenient, and reliable payment network, empowering individuals, businesses, and economies to grow and prosper. At Visa, we believe that inclusive economies uplift everyone, everywhere, and we see expanding access to financial system solutions and services as fundamental to building the future of money flow. For more information, please visit Visa.com.

About Emirates NBD Bank

Emirates NBD, listed on the Dubai Financial Market under the symbol (Emirates NBD), is a leading banking group in the Middle East, North Africa, and Turkey, with a presence in 13 countries and serving over 10 million active customers. As of March 31, 2026, its total assets amounted to AED 1.2 trillion (approximately US$327 billion). The group operates in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain, and has representative offices in China and Indonesia. Its network comprises 790 branches and 4,536 ATMs and cash deposit machines. Emirates NBD is the leading financial services brand in the UAE, with a brand value of US$4.54 billion.

Emirates NBD Group serves individual, corporate, government, and institutional clients, helping them achieve their financial goals through a comprehensive suite of banking products and services. These include retail, corporate, institutional, Islamic, investment, and private banking, as well as asset management, global markets, treasury, and brokerage. The Group is a major player in the global digital banking industry, processing over 97% of its financial transactions and orders outside of its branches. Emirates NBD’s digital bank, Liv, has nearly half a million customers and remains the fastest-growing bank in the region.

Emirates NBD demonstrates its leadership in sustainability by being the first bank globally to publish a report compliant with IFRS S1 and IFRS S2 disclosure standards, along with providing independent confirmation of its financed emissions. This commitment is further demonstrated by the landmark issuance of the world’s first sustainability-linked sukuk, valued at US$500 million, by Emirates Islamic, fully compliant with the International Capital Market Association (ICMA) guidelines. Emirates NBD also continues to support communities through its pioneering volunteer program, Exchanger, which celebrated its tenth anniversary in 2025, contributing over 160,000 volunteer hours to community causes and impacting more than 1.1 million beneficiaries.

-I finish-

#Company Data

Disclaimer regarding the content of press releases
The content of this press release is provided by a third-party provider. We do not assume any responsibility for, nor do we have any control over, such content. This content is provided on an "as is" and "as available" basis and is not edited in any way. Neither we, nor our affiliates, will be liable for the accuracy, endorsement, or completeness of any opinions, views, information, or materials contained in this content.
This press release is provided for informational purposes only; the content does not constitute legal, investment, or tax advice, nor does it offer any opinion on the suitability, value, or profitability of any particular portfolio or investment strategy. Neither we nor our affiliates will be liable for any errors or inaccuracies in the content, or for any actions you take based on that content. You expressly agree and acknowledge full responsibility for your use of the information contained in this press release.
To the extent permitted by applicable law, Refinitiv, its parent company, subsidiaries, affiliates, relevant shareholders, directors, officers, employees, agents, advertisers, content providers, and licensors (collectively, the 'Refinitiv Parties') shall not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive, or exemplary damages; This includes, but is not limited to, losses of profits, savings, or revenues, whether due to negligence, tort, contract, or other theories of liability, even if the parties to Refinitiv were advised of the possibility of any such damages or losses occurring or actually anticipated them.