Botim adds IBAN wallets for wider access

Botim Money has launched IBAN-enabled wallets in the UAE, allowing eligible users to receive salaries, direct deposits and domestic bank transfers directly inside the Botim app.

The service gives qualifying customers a Virtual IBAN in their own name, extending regulated account access to segments of the population that have often relied on cash wages, exchange houses or limited-purpose wallets. The rollout has been introduced under the Central Bank of the UAE’s Universal Accounts Framework, placing the product within the country’s broader push to widen participation in formal financial services.

Botim Money said the feature is available through one of the UAE’s most widely used digital platforms, which counts more than 8.5 million users in the country. The company is positioning the IBAN wallet as a bridge between basic mobile money functions and everyday banking-style access, particularly for workers who may not meet conventional bank account requirements.

The new wallet capability enables users to receive salary credits, direct deposits and transfers from domestic bank accounts. It also links into Botim’s wider financial services ecosystem, including cash deposits, peer-to-peer transfers through AANI, international remittances to more than 170 countries, Mastercard-linked card payments, fractional gold and silver investments from AED 10, and regulated credit products.

The company’s user data indicates that 65 per cent of Botim users are blue-collar workers, while another 31 per cent fall within grey-collar segments. Those groups often face barriers linked to minimum salary thresholds, account maintenance requirements, documentation processes, distance from branches and limited access to credit history. Botim’s IBAN wallet is being offered with no minimum salary requirement, no minimum balance requirement and no monthly maintenance fee.

Dr Tariq Bin Hendi, board member of Astra Tech and chief executive officer of Botim, said 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. 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,” he said.

The launch also carries implications for employers. Botim’s Wage Protection System-accredited payroll infrastructure allows companies to process salaries directly into Botim Wallets, giving workers immediate access to funds and associated digital services. The payroll infrastructure was introduced in partnership with the Ministry of Human Resources and Emiratisation in 2024 and is designed to support compliance with labour and financial regulatory requirements.

For businesses, direct salary transfer into IBAN-enabled wallets could reduce dependence on cash handling and simplify payroll distribution for lower-income and shift-based workforces. For employees, the ability to receive wages into a named wallet account may make it easier to transfer funds locally, remit money abroad, make card payments and build a clearer transaction record over time.

The move comes as the UAE accelerates its shift towards cashless transactions and regulated digital payments. AANI, the instant payments platform operated by Al Etihad Payments, has expanded account-to-account transfers using mobile numbers and other identifiers, while banks, fintech platforms and telecom-linked wallets are competing to embed payments into daily consumer activity.

Botim Money’s expansion follows a series of fintech moves by Astra Tech, which has been turning Botim from a communications app into a broader consumer platform. Botim began as a voice and video calling service and has since added payments, remittances, bill payments, payroll tools, credit products and investment features. The wider Botim platform says it serves more than 160 million users across over 155 countries.

The company’s financial services layer is licensed by the Central Bank of the UAE and holds Stored Value Facility and Retail Payment Services and Card Schemes licences. Those licences underpin its ability to provide wallet, payment and card-related services in a regulated framework, an important distinction as digital wallets compete with banks for everyday financial activity.

Botim Money has also been building remittance and card partnerships. Its money transfer services support payouts to bank accounts, mobile wallets and cash pickup channels across major outward-remittance corridors, while its card partnership has sought to broaden digital card access without a minimum salary condition.