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Al Ansari Digital Pay, the fintech subsidiary of Al Ansari Financial Services, has received full regulatory clearance from the Central Bank of the UAE (CBUAE) for its Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses—paving the way for the launch of its digital wallet platform in Q2 2025.
This regulatory milestone underscores Al Ansari’s commitment to compliance-driven innovation and marks a strategic step toward supporting the UAE’s national vision of a cashless, digitally inclusive economy.
With the SVF license, Al Ansari Digital Pay is now authorized to onboard users into digital accounts, offering a secure and streamlined digital finance experience. The upcoming Al Ansari Wallet app will serve as a one-stop fintech platform for individuals and businesses, particularly targeting the unbanked and underbanked segments through micro-financing and accessible payment services.
The complementary RPSCS license extends Al Ansari’s reach into issuing prepaid cards, facilitating merchant transactions, and offering online and offline payment acquiring services. These capabilities enhance the company’s ability to offer end-to-end digital financial services aligned with robust regulatory compliance frameworks.
“This milestone brings us closer to revolutionising digital payments in the UAE by offering a secure, convenient, and inclusive ecosystem,” said Mohammad Bitar, Deputy Group CEO of Al Ansari Financial Services.
“As the financial landscape evolves, we are committed to staying ahead by integrating cutting-edge financial technologies and solutions that meet both current and future demands.”
Al Ansari Digital Pay is forecasting AED 12 million in revenue for its inaugural year, with projections indicating a 67% compound annual growth rate (CAGR) by its third year of operation—a strong indicator of market appetite for regulatory technology solutions in the region.
The Al Ansari Wallet will also serve to complement the broader suite of products offered by Al Ansari Financial Services, fortifying its role in driving financial inclusion, compliance automation, and digital transformation across the UAE.
This development comes shortly after the parent company’s recommendation to distribute AED 315 million in cash dividends for 2024—highlighting investor confidence and sustained momentum in its fintech diversification strategy.
As regulatory frameworks continue to mature across the Middle East and Africa, innovations like Al Ansari’s digital wallet signal a broader trend toward Governance, Risk, and Compliance (GRC) adoption and a future defined by secure, inclusive, and technology-enabled financial ecosystems.
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