Weyay is Kuwait’s first digital bank. It was introduced by the National Bank of Kuwait (NBK). NBK is the largest financial institution of Kuwait, having headquarter in Kuwait City. Weyay is launched keeping in view the financial needs of the youth of Kuwait. Its launch as the first digital bank in Kuwait has proved the strong leadership of NKB in digitalizing bank services and its excellent innovations in the banking sector. This new digital bank app aims at providing cutting edge technology and services to its customers. The young generation of Kuwait is highly independent and ambitious. About 80% of youth customers search for a tool that can help them in their personal investment and track their money. Most of them opt for external apps and other methods besides their regular banking. They want advanced banking services to meet their financial needs, and this app can be a boon for them.
It’s a different kind of digital bank built according to the customer’s needs. This bank has a user-friendly interface to access all services easily and quickly. Its security standards are the latest, including biometrics like Face ID, as the present generation trusts it more than older verification methods. This bank is currently in beta phase where a group of users are using it and continuously helping to improve it for its customers.
Weyay offers integrated banking products and services. It will provide a financial platform to the youth customers where they can make investment decisions that can help them succeed.
Services offered by Weyay:
Weyay acts as a one-stop shop for its customer. In other words, it will act as a financial supermarket. Its services include:
- A customer can make a payment using this digital bank app service. It will lead to debiting from the customer’s account.
- By using this digital bank app, customers can easily inquire about account balance manage account transactions and other bank transactions.
- Customers may allow the bank to remember certain details, which will be automatically reproduced at the time of login through the digital bank app.
- One can also request for a debit card to be linked to the account for local transfers, but international transfers will be permitted only after the completion of the Know Your Customer Form.
- Weyay account holders should follow the account limit for day to day and monthly withdrawals and transfers as per the CKB norms.
- Accounts opened through the digital bank app should not have a credit balance of more than 5000 Kuwaiti Dinars. Bank can deny credit transactions into the account if it exceeds the limit of balance. It can be either salary, allowance, refunds or bank transfer.
This digital bank app can undergo further improvements depending upon the need of its customers.
Procedure for opening a Weyay account: This bank welcomes everyone to open the account. The account opening procedure is completely digital with zero paperwork. Customers can also opt for the colour of the card and can start its immediate use. One must be either 15 years or older with a valid Kuwait Civil ID and a smartphone. You just must answer a few questions, and then you are done. The bank is in the process of inviting people who pre-registered themselves for account opening.
Information collected while signing for the digital bank app includes:
- Name and contact details and email for processing banking products and services applications. The E-mail address is also used for login purposes through the bank app.
- Age proof to verify that you are eligible for banking services and products.
Data such as pictures and Civil Id to prevent fraud in connection to the account.
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