Mashreq launches community-based banking product, Neo Groups

By Leandra Monteiro

Mashreq, one of the leading financial institutions in the Middle East and Africa region, has introduced Neo Groups, a community-based banking product, to the country’s residents.

For the first time in banking, Mashreq and Mashreq Neo customers can create groups, invite up to 50 friends to join, and collectively earn higher interest rates on their savings with the Bank when the group members deposit more.

Easy to create using the Mashreq mobile banking apps, Neo Groups enables its users to conduct interactions and track the group’s activity in real time. In addition to enjoying interest rates of up to 4.50%, the group leader who brings in a new member can receive a bonus of AED 200 for every successful referral.

Fernando Morillo, Group Head of Retail Banking at Mashreq, said, “Mashreq’s customers are ambitious, full of ideas and plans for a brighter tomorrow. Transcending our role as a financial partner, we are here to help them bring their unique visions to life. The launch of Neo Groups reinforces Mashreq’s standing as a challenger and an innovator. Adding a social dimension to banking, our latest proposition presents a new way to make the most of our customers’ savings and turn a little into a lot.”

Radu Topliceanu, Head of Neo and Personal Banking at Mashreq, said, “Mashreq is committed to providing innovative solutions that address the key needs of consumers and maximize returns on their investments. Through Neo Groups, the first-ever community-based deposit product in the UAE market, customers can join forces in a fun and friendly way to obtain higher interest rates even though they do not have huge amounts. We are glad to help our customers to take a step towards building a secure financial future and achieve their goals.”