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Fintech company myZoi has announced the launch of an inclusive digital wallet, following a USD 14 million capital infusion and the receival of two regulatory licences in the UAE
Fintech company myZoi has announced the launch of an inclusive digital wallet, following a USD 14 million capital infusion and the receival of two regulatory licences in the UAE. Focusing on financial inclusion and financial literacy and serving the underbanked population, myZoi introduced its digital wallet solution that aims to minimise remittance fees for its users.
By providing personalised and affordable financial solutions for underserved customers, the company intends to reconnect banking with society’s needs. According to myZoi’s officials, for corporates, the company allows digitising payroll and advancing operations without altering current processes. In addition, the One-To-Many transfer feature enables customers to transfer funds to up to five individuals for the cost of one, with myZoi intending to optimise financial inclusion and literacy for the underbanked employees located in the UAE and their families by including them into the formal financial landscape. Also, the firm focuses on making daily transactions safe, convenient, and cost efficient via a simplified onboarding journey, domestic payment features, and instant fund transfers to their home countries. By delivering an interactive gamified financial education programme, MoneyTips, myZoi aims to introduce concepts around responsible spending, sustainable budgeting, and protecting funds.
Both corporates and partners welcomed the payroll solution as the company continues to ally with more organisations committed to positively impact the lives and futures of underbanked employees. MyZoi intends to include all individuals into the formal financial ecosystem, whilst developing opportunities for their families to access better education, healthcare, and savings. Financial inclusion in the UAE By instituting a regulatory framework that encourages innovation, protection of consumers, and promotion of financial literacy, the UAE works towards allowing all individuals and businesses to access affordable and tailored financial services.
The region’s government also focuses on advancing digital transactions instead of cash ones, with authorities launching EmCash, the UAE’s digital currency, to enable secure and real-time transactions. Through this, the government intended to further support individuals who cannot access traditional banking services. Moreover, authorities introduced financial literacy programmes to allow people to make informed financial decisions, while for small and medium-sized enterprises (SMEs), they provided necessary funding to support the advancement of their operations. Additionally, the central bank proposed regulatory policies that encourage the development of financial products and services, which in turn expanded access to them and made them more personalised to the needs of several segments of the population.
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Jul 22, 2024 14:36
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