National Bank of Kuwait (NBK) has acquired a majority stake of 51 percent in Kuwait-based Payment Services Provider, and eCommerce enablement platform, UPayments.
This acquisition represents a significant step forward in the digital payments landscape in Kuwait by combining NBK’s extensive banking expertise with UPayments’ innovative capabilities.
The collaboration aims to bring about a revolution in the way digital payments are conducted in the country, as per the statement.
Mohammed Al-Othman CEO Consumer Banking Group NBK
“This pivotal move signifies the commencement of an exhilarating journey. This is the latest investment to support NBK’s innovative financial services, aligning with and reinforcing the bank’s forward-thinking vision focused on putting technology first. Over the past four years, Kuwait has experienced an extraordinary surge in eCommerce activities and digital payment transactions, propelling the need for financial institutions and payment service providers to adapt and innovate, in order to keep pace with this rapid evolution of new-gen payment methods. This acquisition amplifies the capabilities and strengths of both NBK and UPayments, equipping them to effectively address the burgeoning demands of the market.”
Al Othman further noted that the synergy between NBK and UPayments is evident in how their respective strengths complement each other. NBK’s deep understanding of payment processes and regulations aligns seamlessly with UPayments’ technological prowess empowering them to design and implement innovative digital payment solutions that cater to the evolving needs of customers in Kuwait.
“Together, NBK and UPayments aim to simplify and streamline digital payment experiences for various businesses in Kuwait and beyond. We are highly confident that this integration will accelerate value creation, enhance NBK’s range of services for merchants, unleash synergies that contribute to improved operating margins, and create pathways for regional expansion,” Al Othman added.
