Latest news with #K-Net
Kuwait Times
25-05-2025
- Business
- Kuwait Times
NBK launches fully digital account opening feature via mobile app
Bank achieves a milestone by unveiling first-of-its-kind service in Kuwait's banking sector KUWAIT: Reinforcing its pioneering role in digital banking, National Bank of Kuwait (NBK) has introduced a fully digital account opening feature through its NBK Mobile Banking App — marking a first-of-its-kind service in Kuwait's banking sector. The innovative service enables non-NBK customers to open any type of account through a seamless, fully digital process — anytime, anywhere — without the need to visit a branch. Users can simply fill in the application and electronically sign the agreement using 'Kuwait Mobile ID' digital verification system via the Public Authority for Civil Information (PACI) takes few minutes, so customers can enjoy the offerings of exceptional banking. Following the verification process, users create their login credentials and gain instant access to NBK Mobile Banking, where they can deposit funds into their new account through K-Net and manage all banking transactions with ease, speed, and security. Commenting on the new service, Mohammad Al-Dakhil, AVP - Digital Business at NBK, said: 'This launch underscores NBK's commitment to delivering cutting-edge digital banking services that enable customers to enjoy a faster, easier, and more integrated banking experience.' He added that the new account opening feature opens the door for non-NBK customers to join the NBK family effortlessly and benefit from a wide range of innovative products and services. The rollout is part of NBK's ongoing efforts to enhance and expand its mobile banking capabilities by introducing new features and optimizing existing ones. Through the NBK Mobile Banking App, customers can perform a variety of banking transactions, including opening new accounts, reviewing account and card activity, checking NBK Miles and NBK Rewards Points, make credit card payments and settle e-bills, updating personal information, and locating NBK branches, ATMs, and CDMs across Kuwait — all in a secure digital environment. The NBK Mobile Banking App is available for download via the Apple App Store, Google Play, and Huawei AppGallery.
Arab Times
22-02-2025
- Business
- Arab Times
Kuwait banks considering new ATM cards to localize financial payments
KUWAIT CITY, Feb 22: Bank officials in Kuwait are working on plans to localize financial payments by introducing new ATM cards that rely on a local payment system. These cards will enable direct transactions on the 'K-Net' network, eliminating the need to process payments through global companies like Visa and MasterCard, while maintaining high efficiency and security standards. According to sources, the Central Bank of Kuwait has directed local banks to issue cards that cater to both individual consumers and merchants. These cards will allow direct withdrawals and payments via points of sale (POS) and e-commerce platforms within Kuwait. Payments will be processed and stored locally, aligning with Kuwait's digital transformation agenda and reducing banks' reliance on international payment networks, which charge fees for interconnection. Currently, many local bank cards bear both the 'K-Net' logo and the Visa or MasterCard logo, offering customers the choice of local or international payments. In both cases, global payment networks typically charge a fee of approximately 0.03% per transaction, which is collected for simply registering the transaction on their network. This fee adds up, with the total amount paid by Kuwaiti banks to global payment companies reaching around 14 million dinars annually, based on 44.744 billion dinars in local financial payments executed last year. The sources revealed that local banks, K-Net, and the Central Bank of Kuwait are collaborating to develop the digital infrastructure required to support a local payment system. This could involve issuing separate cards for local and international transactions, or a single card with two chips—one registered on the K-Net network for local payments and the other on Visa or MasterCard for international transactions. In preparation for this transition, all ATMs and POS terminals will be upgraded. The move is expected to reduce Kuwait's reliance on global payment companies and their associated fees, as these companies have declined to waive fees for local payments, citing their standardized operational procedures across all markets. One of the key benefits of this shift is the potential to ensure the sovereignty of internal payment data while also saving on fees paid to global networks. K-Net stands to benefit from this move by generating new services and increasing its operational revenues. Furthermore, the new cards are expected to enhance Kuwait's financial inclusion and drive the country toward a cashless future. As part of the Kuwait National Payment System project launched by the Central Bank, the initiative will foster technological progress in payment systems and accelerate the digital transformation of Kuwait's financial services sector. The project aims to create a robust, innovative, and interoperable infrastructure, enhancing the customer experience and enabling the development of advanced payment solutions. The local payment system is also expected to open doors for future expansion, allowing for seamless integration with other payment systems. This will strengthen Kuwait's competitiveness and reinforce its position as a leading digital payments hub. Consumer spending in Kuwait rose in 2024 to 47.81 billion dinars, an increase of 4.4% compared to the previous year. Domestic spending amounted to 44.744 billion dinars, accounting for 93.5% of total spending, while spending abroad increased by 10.5% to 3.07 billion dinars. The rise in digital transactions has been significant, with digital payments now accounting for 78.9% of total consumer spending in 2024, up from 76.5% in 2023. Point-of-sale transactions, both within Kuwait and internationally, made up the largest share of total spending, reaching 39.6%—an increase of 8% compared to the previous year, totaling 18.925 billion dinars. This growth in digital payments reflects Kuwait's continued shift toward a more modern, efficient, and digitally-enabled financial ecosystem.
Arab Times
16-02-2025
- Arab Times
‘Licenses of charities violating donation rules will be revoked'
KUWAIT CITY, Feb 16: Director of the Charitable Societies and Endowments Department at the Ministry of Social Affairs Abdulaziz Al-Ajmi issued a stern warning regarding charitable societies found to violate donation collection regulations, indicating their licenses will be suspended immediately. This is a significant change from previous years, when licenses were revoked only if violations were repeated. Al-Ajmi underscored the need to inform charities, their employees and donation collectors in mosques about these new regulations. The 'Committed' initiative, launched in partnership with the Union of Kuwaiti Charitable Societies and Charities, aims to ensure compliance and address violations that occurred during Ramadan in the past. Chairman of the Union of Charitable Societies and Foundations Saad Al-Otaibi commended the initiative. He pointed out that adhering to laws and regulations fosters respect for the legal system and boosts public trust in charitable organizations. He affirmed that transparency is crucial for institutional charitable work, as it promotes fairness and equality in donation collection. Head of the Accounts Unit in the Charitable Societies Department Salma Al-Mutairi, outlined specific controls for Ramadan donation collection. He said these controls include using K-Net devices in mosques and ensuring that donation receipts display the association's name. Al-Mutairi also underscored the need to record donors' identities through electronic cash deposit machines and to properly stamp and record deduction books in mosques. Overall, the new regulations aim to uphold the integrity of charitable work in Kuwait by preventing violations and promoting transparency in donation collection, especially during Ramada
Arab Times
09-02-2025
- Business
- Arab Times
Social Affairs Ministry bans cash donations during Ramadan, mandates electronic-only
KUWAIT CITY, Feb 9: Kuwait's Ministry of Social Affairs has implemented a ban on all forms of cash donations during the upcoming Ramadan, requiring charitable organizations to shift to electronic payment methods instead. This new directive, outlined in a circular sent to registered charitable societies, sets clear guidelines for fundraising activities throughout the holy month. Under these new rules, donations can only be collected through licensed electronic channels. These include K-Net services, online platforms, bank deductions, smartphone applications, electronic collection devices, and telecom company text message services. Charities are now prohibited from accepting cash donations at their offices or in public areas. This decision marks a significant change in how donations are typically handled during Ramadan, a time when charitable giving is especially prominent in the Islamic world. The ministry has also restricted fundraising locations, stipulating that charitable organizations must seek prior approval to collect donations in places like shopping malls and public squares. However, mosques remain designated as approved donation collection points, and charities must adhere to a schedule set by the Ministry of Endowments and Islamic Affairs. In addition to these measures, the Ministry has tightened oversight of foreign donations, requiring prior approval for any funds sent from abroad. This is in line with Kuwait's public benefit associations law, which governs donations and charitable activities. To ensure proper tracking and accountability, the new regulations also mandate that charities collect funds through bank accounts approved by the Ministry. Each organization must submit the names of individuals responsible for fundraising, and these individuals will be issued identification cards to ensure oversight and transparency. Furthermore, all donation transactions must be documented. Charitable organizations will need to provide a sales invoice for any gold or silver donations, verifying their value. For other items such as vehicles or valuables, charities are required to obtain multiple quotes for valuation before they are sold. The circular also establishes stricter advertising controls, banning unauthorized promotional materials inside or outside mosques without prior approval from the Ministry. Additionally, charities are now required to submit a comprehensive financial report within a month after Ramadan ends, detailing all donations received across various platforms and providing an administrative summary of their activities. These changes reflect the Ministry's ongoing efforts to enhance transparency and ensure that charitable donations are used appropriately, preventing misuse and directing them to worthy causes during Ramadan. Implementing these regulations is expected to streamline the donation process and make it easier for authorities to monitor fundraising activities. This move follows concerns about the security of cash donations and potential misuse of funds. It aligns with broader efforts to modernize Kuwait's charitable sector by adopting more secure and efficient donation handling methods. As the holy month of Ramadan approaches, charities in Kuwait will need to adjust to these new requirements and ensure that they comply with the updated regulations.
Gulf Insider
09-02-2025
- Business
- Gulf Insider
Ramadan 2025: Kuwait Bans Cash Donations, Mandates Electronic Payments
Kuwait's Ministry of Social Affairs has banned all forms of cash donation collections during the upcoming Ramadan, requiring charitable organisations to use electronic payment methods instead. The directive, issued through a circular to registered charitable societies, outlines 14 controls and requirements governing fundraising activities for the holy month. Under the new rules, donations must be collected exclusively through licensed electronic channels, including K-Net services, online platforms, bank deductions, smartphone applications, electronic collection devices, and telecom company text message services. Charities are prohibited from accepting cash at their headquarters or in public spaces. The circular also prohibits fundraising in unauthorised locations, such as shopping malls and public squares, unless prior approval is obtained. Mosques will remain designated donation collection points, but charities must comply with a schedule set by the Ministry of Endowments and Islamic Affairs. The ministry has tightened regulations on foreign contributions, requiring prior approval for any donations received from abroad, in accordance with Kuwait's public benefit associations law. Charities must collect funds only through ministry-approved bank accounts and submit the names of individuals responsible for fundraising, who will be issued identification cards for monitoring purposes. All donation transactions must be documented, including non-cash contributions such as gold, silver, vehicles, or other valuables. For gold and silver donations, a sales invoice verifying the value is mandatory, while vehicles or movable assets must undergo a multi-quote valuation process before sale. The circular also imposes stricter advertising regulations, banning unauthorised promotional materials inside or outside mosques without ministry approval. Charities are required to submit a detailed financial report within a month of Ramadan's end, disclosing donation revenues across various platforms, along with an administrative summary of their activities.
