The UAE Central Bank has launched its Universal Accounts initiative, opening access to regulated financial services for individuals earning AED 5,000 or less per month — a move aimed at deepening financial inclusion across the country.
The Universal Account is a digital current account with no minimum balance requirement, offering holders a virtual IBAN number to receive salaries, make payments, and transfer funds through licensed financial institutions.
Al Ansari Exchange, the UAE's leading remittance and foreign exchange company and a subsidiary of Al Ansari Financial Services PJSC, is among the key players positioned to drive the initiative forward. With over 280 branches nationwide and a long-standing role in the Wages Protection System (WPS), the company has established reach across communities historically underserved by conventional banking.
Ali Al Najjar, Chief Executive Officer of Al Ansari Exchange, highlighted the company's readiness to support adoption.
"The success of the Universal Account depends on robust distribution and customer support. Our combination of community presence and growing digital capabilities creates a powerful bridge for individuals moving into the formal financial system,"
he said.
Al Najjar added that the company's experience as a WPS provider places it in a strong position to contribute to the initiative's broader goal of reaching segments of society that traditional banking models have long overlooked.
The initiative reinforces the UAE's standing as a regional leader in financial inclusion, building on existing infrastructure to create a more accessible and efficient financial ecosystem for residents across income levels.
News Source: Epic Communications
