Botim Money Launches Virtual IBANs For Wallet Users To Advance Financial Inclusion In The UAE

Botim Money, the UAE’s leading fintech platform, has launched IBAN-enabled wallets, expanding access to regulated financial services across one of the country’s most widely used digital platforms.

With more than 8.5 million users in the UAE, the launch enables eligible users to obtain a Virtual IBAN in their own name, helping more individuals access essential financial services and participate in the formal financial system. Introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework, the initiative supports the UAE’s financial inclusion agenda by helping remove barriers to financial participation.

Through their IBAN, eligible users can receive salary payments, direct deposits, and domestic bank transfers directly into their wallet. Beyond the IBAN, users can access cash deposits, local transfers via peer-to-peer payments and AANI, and remittances to more than 170 countries. They also have access to a globally accepted Mastercard card, fractional gold and silver investments from AED 10, and regulated credit solutions to help build stronger financial profiles over time.

Botim data shows that 65% of its users are blue-collar workers, with a further 31% representing grey-collar segments. The launch supports greater financial inclusion for communities that have historically faced barriers to traditional banking products, making financial accessibility increasingly important.

Available with no minimum salary requirement, no minimum balance, no monthly fee, and multilingual onboarding in under three minutes, the IBAN-enabled wallet makes regulated financial services more accessible to a wider segment of the population.

For businesses, Botim’s Wage Protection System (WPS)-accredited payroll infrastructure allows companies to process salaries directly into Botim Wallet, giving employees direct access to financial tools that support their financial needs. Introduced in partnership with the Ministry of Human Resources and Emiratisation (MOHRE) in 2024, the infrastructure helps businesses streamline payroll operations while ensuring full compliance with CBUAE and MOHRE requirements.

H.E. Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO of Botim, said, “Financial inclusion begins with access. For many people, having an account in their own name is the first step toward participating more fully in the financial system. By introducing Virtual IBANs through Botim, we are removing barriers to essential financial services and supporting the UAE’s vision for a more inclusive and digitally connected economy.”

The launch reinforces Botim’s commitment to advancing financial inclusion and expanding access to regulated financial services across the UAE. By combining IBAN functionality, payroll access, and everyday financial services through a single platform, Botim is helping connect more individuals and businesses to the formal financial system.