Kuwait, 20 July 2024: Kuwait International Bank (KIB) announced the launch of the new WAMD service, designed to provide a more efficient, secure and convenient experience for customers when making instant payments and money transfers via the KIB Mobile app. The new instant payment system, powered by KNET under the authority and supervision of the Central Bank of Kuwait (CBK), enables straightforward account-to-account money transfers using a valid number, eliminating the need to share sensitive banking information. This launch is part of KIB’s commitment to enhancing its range of digital banking solutions and continuously improving the level of financial services and products, in line with its comprehensive digital transformation strategy.

Commenting on the new service, Fahad Al-Bader, General Manager of the Operations Department at KIB, said: “At KIB, we continuously stay abreast of new and innovative digital banking services and products. Today, we are witnessing a significant leap forward in this field by providing a secure feature on the Bank’s app, which saves time while maintaining the security and privacy of our customers.” He added: “This innovative system will play a major role in facilitating instant payments and money transfers among customers registered to the WAMD service within the Bank or any other local bank. Launching the new service reaffirms KIB’s commitment to developing its digital banking infrastructure to meet customers’ expectations and cater to their growing needs.”

The WAMD service joins the suite of banking solutions supported and provided by KNET. It will be at the forefront of digital payment and transfer methods available to individual customers as a secure alternative to cash, ensuring the highest levels of efficiency and accuracy. All KIB Mobile app users can access and benefit from this service. It features a seamless mechanism, enabling both the sender and the beneficiary to transfer and receive money instantly and at any time, simply by registering for the service using the phone number linked to their bank account. The daily limit of instant transfers via the WAMD service is up to KD 3,000, while the monthly limit is up to KD 20,000.