Botim Money has launched IBAN-enabled wallets in the UAE, allowing eligible users to obtain a virtual IBAN in their own name and access a broader range of regulated financial services directly through the app.

The launch is introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework and is aimed at expanding financial inclusion and increasing participation in the formal financial system. Botim said the new service is available across its platform, which serves more than 8.5 million users in the UAE.

With the new functionality, users can receive salary payments, direct deposits and domestic bank transfers straight into their Botim wallet. The platform also supports local peer-to-peer transfers and AANI payments, international remittances to more than 170 countries, a globally accepted Mastercard card, fractional gold and silver investments starting from AED 10, and access to regulated credit solutions.

Botim said the wallet can be opened with no minimum salary requirement, no minimum balance and no monthly fees, with multilingual onboarding completed in under three minutes.

Built for an Underserved User Base

According to Botim, around 65 per cent of its user base is made up of blue-collar workers, with a further 31 per cent in grey-collar segments. The company said this underlines the importance of accessible financial services for communities that have traditionally faced barriers to conventional banking products.

Strengthening Payroll Infrastructure

The launch also extends Botim’s payroll capabilities. Through its Wage Protection System (WPS)-accredited infrastructure, businesses can process salaries directly into Botim Wallet, allowing 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.

“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,” said Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO of Botim. “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.”

Part of a Broader Platform Strategy

The launch reinforces Botim’s wider strategy of expanding access to regulated financial services in the UAE by bringing payments, payroll, remittances, investments and credit together within a single digital platform.