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Al Ansari Digital Pay Secures Final Approvals for Digital Wallet

2025-03-25

Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has received final approvals from the Central Bank of the UAE (CBUAE) for its Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses. This paves the way for the official launch of its Al Ansari Wallet in Q2 2025.

The SVF license enables digital account creation, while the RPSCS license allows prepaid card issuance, merchant payments, and online acquiring services. The wallet aims to enhance financial inclusion, providing digital payment solutions for unbanked and underbanked communities.

“This milestone brings us closer to revolutionising digital payments in the UAE,” said Mohammad Bitar, Deputy Group CEO, Al Ansari Financial Services.

Al Ansari Digital Pay projects AED 12 million in first-year revenue, targeting a 67 per cent CAGR by year three. The company is integrating AI, data analytics, and secure payment gateways to enhance fraud prevention, user experience, and financial accessibility.