Dubai, UAE – The UAE Central Bank's Universal Accounts initiative marks an important step in expanding access to formal financial services, supporting the UAE's efforts to strengthen financial inclusion and broaden participation through licensed financial institution.
Designed for individuals earning AED 5,000 or less per month, the Universal Account is a current digital account with no minimum balance requirement, providing access to essential financial services through regulated financial institutions.
The initiative is expected to help more individuals receive salaries, make payments, transfer funds, and access basic financial services through a virtual IBAN number.
As a longstanding participant in the Wages Protection System (WPS), Al Ansari Exchange, the UAE’s leading remittance and foreign exchange company and a subsidiary of Al Ansari Financial Services PJSC DFM:ALANSARI, is well positioned to support the initiative and contribute to its successful implementation through its robust mix of digital and physical offerings.
Through decades of serving WPS beneficiaries and a nationwide network of more than 280 branches, Al Ansari Exchange has built extensive reach across communities that have historically had limited access to traditional banking services. Combined with its growing digital capabilities, this positions the company to support wider access to regulated financial products and services.
Commenting on the development, Ali Al Najjar, Chief Executive Officer of Al Ansari Exchange, said: “The success of the Universal Account depends on robust distribution and customer support. Our combination of community presence and growing digital capabilities creates a powerful bridge for individuals moving into the formal financial system. We provide guidance, trust, and accessibility along with account access that drive adoption."
“As a longstanding WPS provider, we are well positioned to support the implementation of this initiative and contribute to its objective of broadening financial access for segments of society that have traditionally been underserved by conventional banking models."
The initiative further reinforces the UAE's position as a regional leader in financial inclusion and supports broader efforts to build a more accessible, efficient, and inclusive financial ecosystem.
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