Visa has appointed Emirates NBD as its official National Net Settlement Service (NNSS) Agent in the UAE, in a move to strengthen the country’s domestic payments infrastructure and accelerate the shift towards a cashless economy.
The partnership enables Visa’s domestic card transactions in the UAE to be settled locally in UAE dirhams (AED), rather than through international settlement channels, enhancing efficiency, speed, and operational flexibility for financial institutions.
Under the arrangement, Emirates NBD will act as the settlement agent, facilitating fund transfers for domestic Visa transactions in line with Visa’s network standards. This is expected to streamline settlement processes and reduce reliance on cross-border systems for local transactions.
The agreement was signed in Dubai by Salima Gutieva, Visa’s Vice President and Country Manager for the UAE, and Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD.
Fadi Moukaddem, Senior Vice President and Group Country Manager for UAE, Kuwait, and Qatar at Visa, said, “We are committed to expanding the growth of digital payments in the UAE, and are delighted to partner with Emirates NBD to continue facilitating local currency settlements among our clients for Visa domestic transactions. We are confident that Emirates NBD’s proven expertise and strong regional standing will enable us to deliver ongoing improvements to our settlement services for our ecosystem partners.”
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, added, “We are pleased to serve as Visa’s NNSS Settlement Agent for settlements in the UAE. This partnership will streamline domestic settlement processes and bolster the nation’s digital payments infrastructure, supporting the UAE government’s ambitions for a more cashless economy. This appointment reflects Visa’s confidence in our financial service capabilities as we continue to strengthen our commitment to supporting issuers, acquirers, and partners across the UAE.”
The introduction of local settlement through NNSS is expected to deliver multiple benefits to the UAE payments ecosystem. These include faster transaction processing, improved reliability by reducing dependency on international networks, and potential cost efficiencies through lower processing fees.
Additionally, the move provides greater flexibility for Visa clients, allowing them to better automate and manage domestic settlement obligations in line with local operational requirements.
The partnership reflects a broader push within the UAE to enhance financial infrastructure, support digital transformation, and reinforce its position as a leading global hub for financial services and payments innovation.
