The UAE-based Al Ansari Financial Services is to launch a digital wallet next year targeting the unbanked market, offering a range of services including bill payments, domestic and international remittance as well as micro finance.
The Dubai-listed company said its subsidiary, Al Ansari Digital Pay, had received initial approval of a store value facilities and retail payment service provider licence from the central bank, with the service expected to launch in the second quarter of 2024.
Users will be able to receive salaries, remit money domestically and abroad, settle bills, and access digitally enabled services using a personal QR code, an app or their phone number, the company said, as well as access micro finance.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, described the digital wallet as ‘a game changer’ which would benefit a large segment of consumers across the UAE.
Micro-financing options will be available through partnerships with licensed financial institutions, an Al Ansari statement on Monday to Dubai Financial Market (DFM) said.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)