Mashreq launches Student Banking Centre at Dubai International Academic City

Mashreq, one of the UAE’s leading financial institutions announced the launch of the first Student Banking Centre (Electronic Banking Unit) at Dubai International Academic City (DIAC), serving 27 universities and academic institutions.

This Student Banking Centre is part of Mashreq’s student banking solutions that aims to provide a suite of financial, educational and social engagement services that collectively help the youth to better understand banking and how to smartly interact with finances.

Apart of the Centre launch, Mashreq partnered with cashy.me, the first dedicated social media platform in the Arab world that will focus on personal finance for youth to launch Campus cashy. The campus will offer students an opportunity to blog, join interest groups, promote educational campaigns and publish content related to personal finance on the platform, as well as on Facebook and Twitter. This exchange of financial experiences will encourage sound decision-making amongst the youth.

Douglas Beckett, Head of Retail Banking, Mashreq, said, “This proposition signifies the bank’s commitment to the education sector, and is our way of giving back to the local community we operate in. It is customized to address student needs and we aim to invest in products and programmes that help to develop the next generation, by giving them much-needed financial skills. We are excited that we have worked with industry experts like and cashy along the way, who share the same vision as us and have helped our thinking and we look forward to expand this proposition.”

Omar Asghar, Head of Wealth Management, Mashreq, commented, “At Mashreq, we aim to offer propositions aimed at servicing the various segments in the community. The student segment is rather important as it reflects our future and it’s necessary that they are aware of the importance of banking in their lives and how it can impact their finances. Our student banking solution is not only designed to meet their financial requirements but also to educate them about the impact of managing it wisely.”

Mashreq’s student banking solutions will provide financial tips and channel entrepreneurial aspirations of the student community by helping them understand banking better. The student banking package will include a student account with a structured savings plan that will be accessible to online and mobile banking services.

Mashreq’s student’s banking solutions will also offer students the opportunity to get campus work experience since the kiosk will be managed by them.

Nima Abu-Wardeh, founder and chief executive of Cashy, said: “Students in the UAE are very different to those who live in the west and the east. They might be culturally inclined towards their home countries but their spending behaviour is very different. They tend to have access to cash through their parents, and generally don’t have bank accounts. Campus cashy aims to empower our student population to become better equipped to deal with money matters. ”