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UAE universal accounts initiative set to advance financial inclusion
Al Ansari Exchange positioned to support rollout, with the initiative expected to help more individuals to get access to basic financial services through a virtual IBAN number
- PUBLISHED: Tue 23 Jun 2026, 11:50 AM
The UAE Central Bank’s Universal Accounts initiative marks an important step in expanding access to formal financial services, supporting the UAE’s efforts to strengthen financial inclusion and broaden participation through licensed financial institution.
Designed for individuals earning Dh5,000 or less per month, the Universal Account is a current digital account with no minimum balance requirement, providing access to essential financial services through regulated financial institutions.
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The initiative is expected to help more individuals receive salaries, make payments, transfer funds, and access basic financial services through a virtual IBAN number.
As a longstanding participant in the Wages Protection System (WPS), Al Ansari Exchange, the UAE’s leading remittance and foreign exchange company and a subsidiary of Al Ansari Financial Services PJSC, is well positioned to support the initiative and contribute to its successful implementation through its robust mix of digital and physical offerings.
Through decades of serving WPS beneficiaries and a nationwide network of more than 280 branches, Al Ansari Exchange has built extensive reach across communities that have historically had limited access to traditional banking services. Combined with its growing digital capabilities, this positions the company to support wider access to regulated financial products and services.
Commenting on the development, Ali Al Najjar, Chief Executive Officer of Al Ansari Exchange, said: “The success of the Universal Account depends on robust distribution and customer support. Our combination of community presence and growing digital capabilities creates a powerful bridge for individuals moving into the formal financial system. We provide guidance, trust, and accessibility along with account access that drive adoption.”
“As a longstanding WPS provider, we are well positioned to support the implementation of this initiative and contribute to its objective of broadening financial access for segments of society that have traditionally been underserved by conventional banking models.”
The initiative further reinforces the UAE’s position as a regional leader in financial inclusion and supports broader efforts to build a more accessible, efficient, and inclusive financial ecosystem.
Botim Money, the UAE's leading fintech platform, has launched IBAN-enabled wallets, expanding access to regulated financial services across one of the country's most widely used digital platforms.
Botim data shows that 65% of its users are blue-collar workers, with a further 31% representing grey-collar segments. The launch supports greater financial inclusion for communities that have historically faced barriers to traditional banking products, making financial accessibility increasingly important.
Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO 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."
