Latest news with #CBK
Al Bawaba
a day ago
- Business
- Al Bawaba
Burgan Bank Provides ‘Eidya' Across All Branches and ATMs to Support the ‘Eidity' Campaign in Collaboration with CBK
With the approach of Eid Al-Adha, Burgan Bank is committed to supporting the 'Eidity' campaign in collaboration with the Central Bank of Kuwait (CBK), the Kuwait Banking Association (KBA), and KNET. Driven by the Bank's digital transformation strategy and adoption of digital banking solutions, customers will be able to easily send and receive Eidya digitally in a swift and secure manner. This reflects Burgan Bank's steadfast commitment to delivering a consistent banking experience and offering convenient services, especially during holidays. As part of the campaign, customers will have the opportunity to withdraw Eidya in any KD denomination of their choice starting June 1st at 26 Burgan Bank branches, and from June 3rd at 14 ATMs strategically located throughout Kuwait, including shopping malls and the airport. In addition, customers can use the instant payment service WAMD through the Bank's mobile banking application to transfer the Eidya. For more information about the branch locations and ATMs, customers can refer to the Bank's official website and social media platforms. The support for the 'Eidity' campaign also aligns with the Bank's continued efforts to instill the culture of savings and financial literacy, under the umbrella of its corporate social responsibility (CSR) campaign 'Teach Them Young the Value of Savings' and its continued backing of the 'Let's Be Aware' (Diraya) campaign, launched by CBK and KBA in collaboration with local banks. Since its launch in 2020, the Eidity initiative has been warmly embraced by customers, as it facilitates the continuity of the Kuwaiti tradition of sharing Eidya among family members. This Eid Al-Adha, Burgan Bank will continue to offer its Elite customers a complimentary Eidya delivery service, in collaboration with Peacock Concierge. As a proactive and engaged corporate citizen, Burgan Bank continues to participate in and support all initiatives organized by CBK and KBA, contributing to the elevation and advancement of the Kuwaiti banking sector and the banking experience it offers its customers.
Kuwait Times
2 days ago
- Business
- Kuwait Times
Burgan Bank provides ‘Eidya' in all branches and ATMs
KUWAIT: With the approach of Eid Al-Adha, Burgan Bank is committed to supporting the 'Eidity' campaign in collaboration with the Central Bank of Kuwait (CBK), the Kuwait Banking Association (KBA), and KNET. Driven by the Bank's digital transformation strategy and adoption of digital banking solutions, customers will be able to easily send and receive Eidya digitally in a swift and secure manner. This reflects Burgan Bank's steadfast commitment to delivering a consistent banking experience and offering convenient services, especially during holidays. As part of the campaign, customers will have the opportunity to withdraw Eidya in any KD denomination of their choice starting June 1st at 26 Burgan Bank branches, and from June 3rd at 14 ATMs strategically located throughout Kuwait, including shopping malls and the airport. In addition, customers can use the instant payment service WAMD through the Bank's mobile banking application to transfer the Eidya. For more information about the branch locations and ATMs, customers can refer to the Bank's official website and social media platforms. The support for the 'Eidity' campaign also aligns with the Bank's continued efforts to instill the culture of savings and financial literacy, under the umbrella of its corporate social responsibility (CSR)campaign 'Teach Them Young the Value of Savings' and its continued backing of the 'Let's Be Aware' (Diraya) campaign, launched by CBK and KBA in collaboration with local banks. Since its launch in 2020, the Eidity initiative has been warmly embraced by customers, as it facilitates the continuity of the Kuwaiti tradition of sharing Eidya among family members. This Eid Al-Adha, Burgan Bank will continue to offer its Elite customers a complimentary Eidya delivery service, in collaboration with Peacock Concierge. As a proactive and engaged corporate citizen, Burgan Bank continues to participate in and support all initiatives organized by CBK and KBA, contributing to the elevation and advancement of the Kuwaiti banking sector and the banking experience it offers its customers.
Arab Times
3 days ago
- Business
- Arab Times
New Kuwaiti Banknotes Distributed To Banks For Eid Al-Adha
KUWAIT CITY, June 1: The Central Bank of Kuwait (CBK) announced on Saturday that it has completed the distribution of new Kuwaiti banknotes in various denominations to all local banks, ensuring sufficient supply to meet public demand ahead of Eid Al-Adha. In a press statement, the CBK invited customers wishing to obtain new banknotes to visit their respective bank branches during official working hours. The statement added that Kuwaiti banks will announce the locations of designated branches offering the 'Ayadi' cashing service, as well as other available methods for customers to receive new banknotes.
Arab Times
3 days ago
- Business
- Arab Times
The Central Bank of Kuwait supplies banks with new banknotes for Eid Al-Adha
KUWAIT CITY, June 1: The Central Bank of Kuwait (CBK) announced on Saturday that it has completed the distribution of new Kuwaiti banknotes in various denominations to all local banks, ensuring sufficient supply to meet public demand ahead of Eid Al-Adha. In a press statement, the CBK invited customers wishing to obtain new banknotes to visit their respective bank branches during official working hours. The statement added that Kuwaiti banks will announce the locations of designated branches offering the 'Ayadi' cashing service, as well as other available methods for customers to receive new banknotes.
Arab Times
28-05-2025
- Business
- Arab Times
Kuwait's Payment Revolution: From Cash to Tap-to-Pay in 15 Years
Walk into any café in Kuwait City today, and you are more likely to hear the beep of a phone than the rustle of dinars. According to the Central Bank of Kuwait's Payment Cards Statistics (2010-2024), card spending has increased from KD 569 million in 2010 to KD 4.64 billion in 2024, representing a 716 per cent rise, one of the fastest payment transformations in the Gulf. The digital awakening CBK data points to four forces converging at just the right moment: Youth demographics drive change With more than 70 percent of Kuwaitis under forty, and smartphone penetration above 90 percent, finance has shifted from branch counters to mobile apps. A rewards culture takes hold Cashback, airline miles, and instant discounts have coaxed even cash-comfortable consumers to first use plastic, then digital wallets. Travel and e-commerce boom Prolific travel and online shopping made card acceptance abroad and on global platforms frictionless; suddenly, the world felt smaller. Smart regulation paves the way Open-API frameworks and robust tokenisation from the Central Bank delivered secure, seamless payments. Tap-to-pay became ubiquitous almost overnight. A predictable rhythm Seasonality is now almost clockwork: Summer surge abroad (Q3): overseas card spend rises 54 per cen t above the Q1-Q2 average as families decamp for Europe and the Far East. overseas card spend rises t above the Q1-Q2 average as families decamp for Europe and the Far East. Winter shopping frenzy (Q4): domestic card use climbs 19 per cent, fuelled by Black-Friday-style promotions and year-end gifting Retailers are increasingly aligning their inventory and marketing calendars with these rhythm The great digital crossover 'One in every three dinars is now spent online.' Traditional point-of-sale spending still leads, at KD 1.78 billion in 2024; yet, the real revolution is online, as payment gateways handled KD 1.55 billion, accounting for 34 per cent of all card spending. Local gateways posted a 75 per cent compound annual growth rate between 2020 and 2024. Cross-border gateways grew at a rate of 44 per cent per year. ATM withdrawals, at KD 590 million in 2024, now account for roughly one-eighth of total card activity. What does this mean for Kuwait Businesses should time campaigns to coincide with Q4's local surge while capturing Q3's traveler wallet. Banks must pivot from card issuance to lifestyle ecosystems, including embedded finance, app-based instalments, and seamless cross-border services. Government agencies gain anonymised transaction data that supports everything from inflation tracking to urban planning, while furthering financial inclusion. Looking ahead After 2020, quarterly card spend surpassed KD 1 billion and has maintained that level. Cash will not disappear, yet its share continues to slip. Winners will treat payments not as a cost centre but as a customer-experience advantage, whether through QR-code payments at a corner grocery or friction-free instalments at a national retailer. Kuwait's payment revolution illustrates how rapidly consumer behavior can evolve when technology, demographics, and regulation align. The challenge now is for the broader economy to keep pace. Ali Bahbahani is the founder of Ali Bahbahani & Partners, a Kuwait-based consultancy specialising in customer experience and digital transformation across the GCC. Further insights at Source: Central Bank of Kuwait, Payment Cards Statistics, 2010-2024 By Ali Bahbahani, Founder, Ali Bahbahani & Partners
