Botim launches IBAN-enabled wallets to expand financial inclusion in UAE
The company said the wallet can be opened with no minimum salary requirement, no minimum balance and no monthly fees
22 June, 2026
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Botim Money has launched IBAN-enabled wallets in the UAE, enabling eligible users to obtain a virtual IBAN in their own name and access a wider range of regulated financial services through the platform.
The launch, introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework, is aimed at expanding financial inclusion and increasing participation in the formal financial system. Botim said the new service is available through its platform, which serves more than 8.5 million users across the UAE.
Through the new functionality, users can receive salary payments, direct deposits and domestic bank transfers directly into their wallets. The platform also offers local transfers through peer-to-peer payments and AANI, international remittances to more than 170 countries, a globally accepted Mastercard card, fractional gold and silver investments from AED10, and access to regulated credit solutions.
According to Botim, approximately 65 per cent of its user base comprises blue-collar workers, while a further 31 per cent falls within grey-collar segments, highlighting the importance of accessible financial services for communities that have traditionally faced barriers to conventional banking products.
The company said the wallet can be opened with no minimum salary requirement, no minimum balance and no monthly fees, while multilingual onboarding can be completed in less than three minutes.
The launch also strengthens Botim’s payroll capabilities. Through its Wage Protection System (WPS)-accredited infrastructure, businesses can process salaries directly into Botim Wallet, enabling employees to receive wages and access financial services through a single platform. The payroll infrastructure was introduced in partnership with the Ministry of Human Resources and Emiratisation (MOHRE) in 2024.
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 broader strategy to expand access to regulated financial services across the UAE by combining payments, payroll, remittances, investments and credit services within a single digital platform.




















