Page 13 - Whizmo PR REPORT - August 2025

Did you know that Whizmo is empowering the underserved and driving the UAE’s digital payment revolution? - Middle East New…
We are focused on addressing both supply and demand, whereas most fintechs in the UAE typically
concentrate on only one side. Thus, a key differentiator for us is the ability to operate independently

of a traditional bank account, providing users with greater flexibility and access if they possess valid
KYC documentation.

This innovation is supported by our unique operating model, which integrates a vast network of
merchants and cash points. Merchants are businesses that accept payments through the Whizmo

app, while cash points serve as physical locations where users can load or withdraw funds from
their wallets by converting cash into e-money.

These include familiar neighbourhood establishments such as supermarkets, cafes, salons, and
other community-based outlets. This approach not only strengthens the Whizmo network but also
empowers micro, small, and medium-sized enterprises. By enabling them to serve as financial

access points, we are supporting these businesses in generating additional revenue through
increased transactions and footfall, while strengthening their connection to the communities they
serve.

We are also in the process of establishing Whizmo experience centres at strategic locations,
designed to provide both individuals and businesses with convenient and direct access to our

services.

Whizmo has secured SVF and RPSCS licences from the Central Bank of the UAE. What do
each of these licences enable Whizmo to do, and why are they crucial?

By securing the SVF and RPSCS licences from the Central Bank of the UAE, Whizmo is
empowered to operate as a comprehensive digital payment service provider. The SVF licence
enables Whizmo to offer secure e-wallet services, allowing users to store, deposit, transfer, and

withdraw electronic money with ease.

The RPSCS licence authorises Whizmo to facilitate a wide range of regulated payment services,

including mobile and online transactions, merchant payment acceptance, cross-border transfers,
integration with banking and e-commerce platforms, and the issuance of payment instruments such
as physical and digital cards.

These two licences are foundational to Whizmo’s ability to deliver secure, compliant, and scalable

financial solutions while contributing significantly to the UAE’s digital payment ecosystem.

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