Bringing Digital Finance to the UAE
Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services, is set to launch its new digital wallet after receiving final regulatory approvals from the Central Bank of the UAE (CBUAE). With both Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses secured, the company is now preparing for an official rollout in Q2 2025.
This marks a significant milestone in Al Ansari’s commitment to financial inclusion and supporting the UAE’s vision of a cashless economy.
What Does This Mean for Users?
The upcoming Al Ansari Wallet will serve as an all-in-one fintech solution for both individual users and businesses, providing a seamless, secure, and efficient way to manage funds digitally.
- For unbanked and underbanked communities – The wallet will offer accessible and affordable financial services, including micro-financing solutions.
- For businesses – The platform will support merchant payments, prepaid card issuance, and online payment solutions.
This move will help bridge the gap in digital payments, especially for individuals who may not have access to traditional banking services.
What Do the Licenses Enable?
- ✅ SVF License – This allows Ansari Digital Pay to let users open digital accounts, manage funds, and complete transactions in a fast, secure way.
- ✅ RPSCS License – This enables prepaid card issuance, merchant payment processing, and acquiring services for both online and retail businesses.
Together, these licenses expand Al Ansari’s fintech capabilities, making it a key player in the digital payments revolution in the UAE.
Aiming for Market Leadership
Deputy Group CEO at Al Ansari Financial Services, Mohammad Bitar, shared his vision for the digital wallet, stating:
“This milestone brings us closer to revolutionizing digital payments in the UAE by offering a secure, convenient, and inclusive ecosystem.”
Bitar also emphasized the company’s commitment to integrating advanced technologies to meet the evolving financial needs of consumers and businesses.
Revenue Growth and Market Expansion
Al Ansari Digital Pay is forecasting AED 12 million in total revenue for its first full year. Additionally, the company is targeting a 67% compound annual growth rate (CAGR) by year three, demonstrating its ambitious growth plans.
Furthermore, the Al Ansari Wallet will complement the existing product suite of Al Ansari Financial Services, creating a more comprehensive financial ecosystem.
Strengthening Financial Services in the UAE
As AADP prepares for launch, its parent company Al Ansari Financial Services has also announced a recommendation to distribute AED 315 million in cash dividends for 2024. This further solidifies its strong financial position and investor confidence.
With the upcoming Al Ansari Wallet, the company is set to reshape digital payments in the UAE, making financial transactions faster, more secure, and widely accessible to all.