Page 62 - AAE PR REPORT - December 2024

1/2/25, 1:29 PM UAE: Salary advance, remit and pay later options coming soon for unbanked residents - News | Khaleej Times

by
Waheed Abbas
Waheed Abbas
Published: Mon 30 Dec 2024, 9:56 PM

UAE residents can soon access salary advances, remit money, and pay in instalments to address their immediate
financial needs. This service is a result of a partnership between Al Ansari Financial Services, the parent company of Al
Ansari Exchange and the fintech firm Halan.

The service is primarily aimed at underbanked and unbanked residents and offers an opportunity to reduce 'reliance on
high-interest credit options', helping mid and low-income salaried individuals reduce their financial burden.

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Many UAE residents avail themselves of salary-in-advance facilities offered by all the major banks in the country. As
reported by Khaleej Times earlier, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Ras Al Khaimah Bank, United
Arab Bank, Ajman Bank, Sharjah Islamic Bank, and Emirates NBD offered their customers advance salary facilities.
Dubai Islamic Bank discontinued this facility earlier this year.

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Mohammad Bitar, deputy group CEO of Al Ansari Financial Services, said the agreement enables financial
independence and fosters greater inclusivity.

"We are providing a practical and ethical solution to support the financial well-being of our customers, especially those
who have limited access to traditional banking services," he said.

Omar Ramadan, managing director of Halan GCC, said the agreement ensures that this solution not only meets the
needs of the underbanked but also sets a new benchmark for financial accessibility and inclusion in the region.

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