By Milan Rojan
Today
- Digital Banking
- Digital Payments
- Financial Inclusion
Botim Money has launched Virtual IBAN-enabled wallets in the UAE, enabling eligible users to receive salary payments, direct deposits and domestic bank transfers directly through the Botim app.
The launch has been introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework and is aimed at expanding access to regulated financial services for a wider segment of the population. The company said the initiative supports the UAE’s financial inclusion agenda by helping more residents participate in the formal financial system.
Botim Money, which serves more than 8.5 million users in the UAE, stated that eligible customers can now obtain a Virtual IBAN in their own name. In addition to receiving salary credits and domestic transfers, users can access peer-to-peer payments through AANI, international remittances to more than 170 countries, a globally accepted Mastercard card, and regulated investment and credit products.
H.E. Dr. Tariq Bin Hendi, Board Member of Astra Tech and Chief Executive Officer of Botim, said: “Financial inclusion begins with access. For many people, having an account in their own name is the first step toward participating more fully in the financial system. By introducing Virtual IBANs through Botim, we are removing barriers to essential financial services and supporting the UAE’s vision for a more inclusive and digitally connected economy.”
The company noted that a significant proportion of its user base comprises blue-collar and grey-collar workers, segments that have traditionally faced barriers to accessing conventional banking services. The IBAN-enabled wallet is available with no minimum salary requirement, no minimum balance requirement and no monthly maintenance fee.
For businesses, Botim’s Wage Protection System (WPS)-accredited payroll infrastructure allows employers to process salaries directly into employees’ Botim Wallets. The infrastructure was introduced in partnership with the Ministry of Human Resources and Emiratisation (MOHRE) in 2024 and is designed to support compliance with both MOHRE and CBUAE requirements.
The launch further strengthens Botim’s strategy of bringing payments, payroll services, remittances and other regulated financial products onto a single digital platform.