Botim Money, the UAE’s trusted fintech platform, has introduced Virtual IBAN-enabled wallets across its ecosystem. Introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework, this initiative expands access to regulated financial services for a wider segment of the population, as well as supports the UAE’s financial inclusion agenda by helping remove barriers to financial participation.
Botim boasts around 8.5 million active users in the UAE, after the launch of IBAN-enabled wallets eligible customers can now receive a Virtual IBAN in their own name. Beyond the IBAN functionality, users can access cash deposits, local transfers via peer-to-peer payments and AANI, and international 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 plus investment solutions to help build stronger financial profiles over time.
Botim’s user base consists mostly of blue-collar workers and also a major, sizeable grey-collar segment. These are the communities that have historically faced barriers to accessing conventional banking products. According to regional industry trends providing frictionless digital solutions to these specific demographics is increasingly vital for the UAE’s broader economic framework. To meet this demand, the IBAN-enabled wallet features multilingual onboarding in under three minutes, with no minimum salary requirement, no minimum balance requirement, and no monthly maintenance fee.
For businesses, Botim’s Wage Protection System (WPS), which is an accredited payroll infrastructure, allows employers and companies to process salaries directly into employees’ Botim Wallets. Introduced in partnership with the Ministry of Human Resources and Emiratization (MOHRE) in 2024, the infrastructure helps businesses streamline payroll operations while ensuring full compliance with both MOHRE and CBUAE requirements.
The launch further strengthens and reinforces Botim’s commitment to advancing financial inclusion by bringing payments, payroll services, remittances, and other regulated financial products onto a single digital platform.
