[UAE] Launch of first inclusive digital wallet for underbanked

In the UAE, myZoi - a fintech focused on financial inclusion and financial literacy for the underbanked - has launched the first inclusive digital wallet, Tech Africa News reports.

It follows a successful fundraising round of $14 million from SC Ventures and SBI Holdings and myZoi obtaining two regulatory licenses from the Central Bank of the UAE.

Syed Muhammad Ali - CEO of myZoi - said, “myZoi is thrilled to be the first fintech in the space to provide personalized and affordable financial solutions for the underbanked. The power of technology enables us to innovate and reconnect banking with society’s needs, such as supporting financial inclusion and empowering the underbanked and their families. For corporates, myZoi enables digitizing payroll without altering their current processes while advancing corporates’ ESG’s social elements. myZoi seeks to support 6 out of 17 UN’s Sustainable Development Goals.

myZoi’s Digital Wallet reportedly reduces remittance fees for underbanked employees. The UAE’s first “One-To-Many” transfer capability allows users to transfer money home to up to five people for the cost of one. myZoi says its aim is to make their daily transactional activities safe, convenient, and cost-effective through a simple onboarding journey, domestic payment capabilities and instant fund transfers to their home countries.

myZoi has received Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licenses from the Central Bank of the UAE.  The fintech recently partnered with Apparel Group - one of the UAE’s largest retail conglomerates - to work towards financial inclusion for more than 4000 employees.

Rola Abu Manneh - Chair of the Board, myZoi, and CEO of Standard Chartered, UAE, Middle East, and Pakistan - said, “We’re thrilled to see our homegrown startup, backed by SC Ventures, launch a digital wallet and tailored financial solutions specifically for the underbanked and their families. This innovation brings real change and social impact, providing practical solutions like affordable fund transfers and financial education.”

Source: Tech Africa News

(Quotes via original reporting)

In the UAE, myZoi - a fintech focused on financial inclusion and financial literacy for the underbanked - has launched the first inclusive digital wallet, Tech Africa News reports.

It follows a successful fundraising round of $14 million from SC Ventures and SBI Holdings and myZoi obtaining two regulatory licenses from the Central Bank of the UAE.

Syed Muhammad Ali - CEO of myZoi - said, “myZoi is thrilled to be the first fintech in the space to provide personalized and affordable financial solutions for the underbanked. The power of technology enables us to innovate and reconnect banking with society’s needs, such as supporting financial inclusion and empowering the underbanked and their families. For corporates, myZoi enables digitizing payroll without altering their current processes while advancing corporates’ ESG’s social elements. myZoi seeks to support 6 out of 17 UN’s Sustainable Development Goals.

myZoi’s Digital Wallet reportedly reduces remittance fees for underbanked employees. The UAE’s first “One-To-Many” transfer capability allows users to transfer money home to up to five people for the cost of one. myZoi says its aim is to make their daily transactional activities safe, convenient, and cost-effective through a simple onboarding journey, domestic payment capabilities and instant fund transfers to their home countries.

myZoi has received Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licenses from the Central Bank of the UAE.  The fintech recently partnered with Apparel Group - one of the UAE’s largest retail conglomerates - to work towards financial inclusion for more than 4000 employees.

Rola Abu Manneh - Chair of the Board, myZoi, and CEO of Standard Chartered, UAE, Middle East, and Pakistan - said, “We’re thrilled to see our homegrown startup, backed by SC Ventures, launch a digital wallet and tailored financial solutions specifically for the underbanked and their families. This innovation brings real change and social impact, providing practical solutions like affordable fund transfers and financial education.”

Source: Tech Africa News

(Quotes via original reporting)