Fintech
myZoi Supports Underbanked with Launch of Digital Wallet to “Reconnect Banking to Society’s Needs”
After successfully raising $14 million in 2023, myZoiA UAE-based fintech focused on financial inclusion and financial literacy for the underbanked, has launched its first inclusive digital wallet.
The new digital wallet promises to reduce shed fees for employees with insufficient bank account numbers, offering a new transfer feature that lets users send money home to up to five people, for the cost of one.
myZoi explained that it hopes to “transform” financial inclusion and financial literacy for underbanked workers in the United Arab Emirates and their families, bringing them into the formal financial ecosystem. Fintech aims to make people’s daily transactional activities safer, more convenient and affordable through a simple onboarding journey, in-country payment capabilities and instant fund transfers to their home countries.
myZoi announced that it has raised $14 million from SC Ventures and SBI Holdings in 2023 and also boasted that it has secured two regulatory licenses from Central Bank of the United Arab Emirates (CBUAE).
Mr. Syed Muhammad AliCEO of myZoi, said of the launch: “myZoi is excited to be the first fintech in the industry to provide personalized and accessible financial solutions for the underbanked. The power of technology allows us to innovate and reconnect banking to society’s needs, such as supporting financial inclusion and empowering the underbanked and their families.
“For companies, myZoi enables the digitization of payroll without altering their current processes, while also promoting companies’ ESG social elements. myZoi seeks to support six of the 17 United Nations Sustainable Development Goals.”
Bringing “real change and social impact”
myZoi also offers ‘MoneyTips’, an interactive game financial education program that introduces concepts of responsible spending, sustainable budgeting and money conservation.
Businesses and partners have welcomed its payroll solution as the company continues to collaborate with other like-minded organizations committed to positively impacting the future of underbanked employees.
Last year, the fintech company was awarded Category II Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) licences by the CBUAE.
More recently, myZoi has partnered with Clothing Groupone of the UAE’s largest business conglomerates, to redefine financial inclusion for over 4,000 of its employees.
“We are thrilled to see our local startup, backed by SC Ventures, launch a digital wallet and financial solutions specifically tailored for the underbanked and their families,” he explained. Rola Abu MannehChairman of the Board of Directors of myZoi and CEO of Standard Certificate AuthorityUnited Arab Emirates, Middle East and Pakistan. “This innovation brings real change and social impact, offering practical solutions such as accessible fund transfers and financial education.”