Page 184 - AAE PR REPORT - MARCH 2025

3/25/25, 9:23 AM Tough UAE rules, less volatility in Pakistan Rupee, Egyptian Pound hit hawala money flows

Go for more WPS accounts
Plus, UAE remittance houses are also hyper-focusing on possibilities through the UAE's WPS (Wage Protection System). By having more blue-
collar workers open salary accounts with them, the FX businesses can then extend a load of additional services to them, including, of course,
help on their remittances at special rates.
Such options could also tempt these low-income workers to consider sending money through exchange houses rather than hawala.
"Employees in UAE private sector has reached close to 7 million," said Bitar. "Based on our analysis, maximum 2 million are bankable, but the
rest are low-income workers with salaries under Dh5,000 monthly. Banks typically don't open accounts and if they do, they require a minimum
balance.
"So, there is an incentive for such workers to open WPS accounts with us. Apart from helping with their remittance needs at special rates, we
can provide add-on services such as lending against their salaries."

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