Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC, has received final approvals from the Central Bank of the UAE (CBUAE) for both the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses.
This follows the In Principle approval granted by the CBUAE, marking a key step toward the official launch of its cutting-edge digital wallet. The approval solidifies the company’s commitment to financial inclusion and driving the UAE’s vision of a cashless economy.
With the SVF license, Al Ansari Digital Pay can allow users to open digital accounts, providing customers with seamless, secure and efficient way to manage their funds digitally. Meanwhile, the RPSCS license will enable the company to issue prepaid cards, facilitate merchant payments, and provide acquiring services for both online and retail businesses, further expanding its fintech capabilities.
Al Ansari Digital Pay will roll out its mobile application Al Ansari Wallet in Q2 2025, delivering an all-in-one fintech solution that meets the needs of both individual consumers and businesses.
The cutting-edge platform is set to empower unbanked and underbanked communities with accessible and affordable financial services including micro-financing solutions, bridging the gap in digital payments for those who may not have access to traditional banking.
Mohammad Bitar Deputy Group CEO – Al Ansari Financial Services
“This milestone brings us closer to revolutionizing digital payments in the UAE by offering a secure, convenient, and inclusive ecosystem. As the financial landscape evolves, we are committed to staying ahead by integrating cutting-edge technology and innovative solutions that not only meet today’s demands but also anticipate the needs of tomorrow.”
Al Ansari Digital Pay projects $3.267 million (AED 12 million) in total revenue for its first full year, with a substantial growth trajectory targeting a 67 percent compound annual growth rate (CAGR) by the third year. The Al Ansari Wallet service offerings will complement the product suite of Al Ansari Financial Services businesses.
The launch of the digital wallet highlights Al Ansari Financial Services’ commitment to fintech innovation, in line with national efforts to drive financial accessibility and digital transformation across the UAE.
With the integration of AI and data analytics, the company aims to enhance fraud prevention, elevate user experience, and provide personalized financial solutions. Secure payment gateways will be incorporated to ensure transparency and security, while a seamless omnichannel experience will enable customers to access digital financial services anytime, anywhere.
Additionally, enhanced API connectivity and real-time payments will lay the foundation for next-generation financial services, enabling businesses and consumers to seamlessly transition into the future of finance.
