Page 94 - AAE PR REPORT - December 2024

P. 94

1/2/25, 2:07 PM UAE: Salary advance, remit and pay later options now available for unbanked residents
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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.
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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The send now, pay later (SNPL) service by Al Ansari Exchange will
allow customers to instantly send a larger amount of money to family
members and repay it in instalments over time, further enhancing
their financial capabilities.
The UAE residents’ remittances amounted to $38.5 billion in 2023,
the second highest after the US ($85.5 billion), according to the
World Bank.
Launched in December 2024, Halan provides a salary advance
solution for employees and businesses. It aims to address the needs
of the UAE's over 3.7 million underbanked expatriates, who often
face challenges accessing traditional banking services.
Halan Advance has already gained traction in the UAE, with over
40,000 customers acquired since April 2024. The company plans to
reach 250,000 customers and disburse Dh350 million in loans by the
end of 2025.
"The response to Halan Advance has been fantastic," said Omar
Ramadan, managing director of Halan GCC.