Fintech Alif has launched Alif Pay in a bid to expand its footprint in the UAE and extend financial services and global remittance to UAE residents. Alif Pay aims to provide Sharia-compliant microfinance services to UAE expats, facilitating remittances to their home countries.

The new offering additionally enables users to settle payments later, in short, flexible terms. More precisely, according to the press release, Alif Pay will be launching a series of financial services that cater to the needs of UAE residents such as Send Now, Pay Later (SNPL), a payroll platform, a travel prepaid program, as well as Buy Now, Pay Later (BNPL) and Fly Now, Pay Later (FNPL) services. The announcement comes following a period of financial growth in the area.

As outlined in the official statement, the World Bank approximated the total of outward remittances from the UAE at around USD 47.54 billion in 2021, with expectations of an increase in the future. Even more to this point, research indicates that the number of users of digital remittances in the UAE is expected to amount to 1.4 million by 2027. As studies have shown, remittances play a role in promoting financial inclusion in less financially developed countries.

Earlier in 2023, the Arab Monetary Fund reported that only 48% of adult males, 31% of adult females, and 32% of low-income individuals in the Arab region have access to formal financial services Alif Pay plans on banking on the context to further facilitate this growth by introducing solutions tailored to the needs of UAE users. The Alif Pay app allows those using it to easily check their salary balance, request salary advances, and send remittances with flexible payment terms. This service is in accordance with the principles of Shariah.

Alif's strategy and past developments Alif Pay is a new addition to the wider series of products and services extended by Alif. The company operates as a fully licenced bank in Tajikistan as well as an ecommerce and fintech in Uzbekistan, boosting a combined 1.9 million users. Among the key products that Alif provides are alif mobi, a mobile wallet used in Tajikistan and Uzbekistan, alif salom and alif nasiya, two BNPL systems, and alif shop, an online marketplace.

The company currently operates in Tajikistan, Uzbekistan, and the UAE, and it has announced plans to expand to other countries such as Pakistan, Bangladesh, Egypt, and Indonesia. .