Botim Launches Virtual IBAN Wallets to Boost Financial Inclusion in UAE
Botim Money has introduced IBAN-enabled wallets in the UAE, allowing eligible users to obtain a Virtual IBAN in their own name and access a broader range of regulated financial services. The launch comes under the Central Bank of the UAE’s Universal Accounts Framework. As a result, more individuals can participate in the country’s formal financial system through digital financial services.
The fintech platform, which serves more than 8.5 million users in the UAE, said the new solution allows eligible users to receive salaries, direct deposits, and domestic bank transfers directly into their digital wallets. Consequently, users can manage everyday financial transactions more efficiently.
Wider Access to Financial Services
With a Virtual IBAN, eligible users can access multiple financial services through a single platform. In addition to receiving salaries and bank transfers, they can make cash deposits, conduct local transfers through peer-to-peer payments and AANI, and send remittances to more than 170 countries.
Furthermore, the wallet provides access to a globally accepted Mastercard card, fractional gold and silver investments starting from AED10, and regulated credit products. Therefore, users can gradually build stronger financial profiles while accessing additional financial opportunities.
The service requires no minimum salary, no minimum balance, and no monthly fee. Moreover, users can complete onboarding in multiple languages in less than three minutes.
Supporting Inclusion and Business Payroll Services
The launch aligns with the UAE’s broader financial inclusion goals by reducing barriers to regulated financial services. According to company data, around 65 percent of users are blue-collar workers, while another 31 percent belong to grey-collar segments. Consequently, the new offering expands access to financial services for communities that have traditionally faced limited banking options.
By providing eligible users with a Virtual IBAN in their own name, the platform aims to increase participation in the regulated financial system. At the same time, businesses can use the company’s Wage Protection System-accredited payroll infrastructure to transfer employee salaries directly into digital wallets.
The payroll infrastructure, introduced in partnership with the Ministry of Human Resources and Emiratisation in 2024, helps businesses process salaries while meeting regulatory requirements. As a result, employers can streamline payroll operations while employees gain direct access to digital financial services.
Dr. Tariq Bin Hendi, Board Member of Astra Tech and Chief Executive Officer of Botim, noted that, “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.”
