- The service will enhance the convenience of UAE citizens and residents wanting to make payments to the DWallet cards held by their domestic workers
Abu Dhabi : LuLu International Exchange – one of UAE’s most prominent financial services provider, has partnered with Magnati – a fully owned subsidiary of First Abu Dhabi Bank (FAB), to launch the DWallet Card Payment Service for UAE citizens and residents.
As a part of the service, sponsors of domestic workers can now transfer their domestic worker’s salary to their DWallet prepaid card through any of the 83 branches of Lulu Exchange, which will help facilitate payment and top-ups for the cards. The partnership expands DWallet’s network of participating entities and improves convenience for sponsors making salary transfers.
DWallet is an initiative between the Ministry of Human Resources & Emiratization (MOHRE), First Abu Dhabi Bank (FAB) and Magnati to provide a unified payment solution to domestic workers. The solution is designed to facilitate monthly salary transfers and ensure domestic workers across the UAE are paid in a transparent and cashless manner wherein earnings are deposited directly into their cards.
Talking about the rollout of the service, Mr. Richard Wason, CEO, LuLu Financial Group, said, “LuLu Exchange values the payment needs of all its consumers, and remains committed to building upon collaborative partnerships that can aid financial inclusion for all sections of society. From being the first exchange house to integrate the UAE’s Wage protection Scheme, to launching globally accepted payment methods on our digital platform LuLu Money, we aspire to innovate value and inspire experiences to help the payments ecosystem achieve its true potential.”
Talking about the partnership, Mr Enaz Ebrahim, Managing Director & Head of Consumer Payment Solutions, Magnati, said, “Magnati is committed to provide consumers with convenient and secure payment solutions, and our partnership with LuLu Exchange allows us to deliver another financial inclusion solution for the benefit of society. We’re excited to partner with a leading financial services provider to expand DWallet’s offering and provide the sponsors with additional options to top-up the DWallet card, while advocating for increased participation of new segments in the financial sector.”
Magnati is the payments business of First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s safest financial intuitions. Focused on direct acquiring, issuer processing and acquiring processing, Magnati provides government, merchant and institutional clients with an intelligent payments platform that monetises data, using next generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities. With the power of FAB’s expertise and infrastructure at the core, Magnati will attract regional and global partners, setting a new standard for innovation and delivery in the payments industry. Magnati is a fully owned FAB subsidiary, strengthening the Group’s leadership position in the rapidly expanding payments sector and accelerating its digital transformation agenda.
For more information, visit www.magnati.com
About LuLu International Exchange
LuLu International Exchange is a part of the LuLu Financial Group, a global financial services provider headquartered in Abu Dhabi and operating 241 branches in 11 countries across markets in the GCC, APAC and Indian sub-continent. The company has investments in varied digital and non-digital financial services & products geared to improve people’s lives, with a vision to innovate value and inspire experiences. LuLu Exchange operates a network of 83 branches in the UAE, offering a wide range of financial services powered by technology to a cross-section of society.
For more information, visit www.luluexchange.com
© Press Release 2022
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