Lulu Exchange partners with Magnati

Published: Wed 26 Jan 2022, 2:48 PM

Last updated: Wed 26 Jan 2022, 2:50 PM

LuLu International Exchange – one of the UAE’s most prominent financial services providers, has partnered with Magnati – a subsidiary of First Abu Dhabi Bank (FAB), to launch the DWallet Card Payment Service for the UAE citizens and residents.

As a part of the service, sponsors of domestic workers can now transfer their domestic worker’s salaries 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. It is designed to facilitate monthly salary transfers and ensures that domestic workers across the UAE are getting paid in a transparent and cashless manner, whereas earnings are deposited directly into their cards.

Talking about the rollout of the service, 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 and then launching a globally accepted payment method on our digital platform LuLu Money, we have aspired to innovate our value. We have inspired the experiences to help the payments ecosystem achieve its true potential.”

Talking about the partnership, Enaz Ebrahim, managing director and head of consumer payment solutions, Magnati, said: “Magnati is committed to providing consumers with convenient and secure payment solutions. Our partnership with LuLu Exchange allows us to deliver another financial inclusion solution for the benefit of society. We are 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.”

More news from KT Network