Fintech startup myZoi launches UAE’s first inclusive digital wallet
myZoi, an innovative UAE fintech focused on financial inclusion and financial literacy for the underbanked, have launched the first inclusive digital wallet. This follows a successful fundraise of $14 million from SC Ventures and SBI Holdings and obtaining two regulatory licenses from the Central Bank of the United Arab Emirates (UAE).
“myZoi is thrilled to be the first fintech in the space to provide personalized and affordable financial solutions for the underbanked. The power of technology enables us to innovate and reconnect banking with society’s needs, such as supporting financial inclusion and empowering the underbanked and their families,” said Syed Muhammad Ali, CEO of myZoi. “For corporates, myZoi enables digitizing payroll without altering their current processes while advancing corporates’ ESG’s social elements. myZoi seeks to support 6 out of 17 UN’s Sustainable Development Goals.”
myZoi’s Digital Wallet reduces remittance fees for underbanked employees. The UAE’s first “One-To-Many” transfer capability enables users to transfer money home to up to five people for the cost of one. myZoi is set to transform financial inclusion and financial literacy for the underbanked employees in the UAE and their families by bringing them into the formal financial ecosystem. It aims to make their daily transactional activities safe, convenient, and cost effective through a simple onboarding journey, domestic payment capabilities and instant fund transfers to their home countries.
myZoi also provides MoneyTips, an interactive gamified financial education programme which introduces concepts around responsible spending, sustainable budgeting, and safeguarding money. Corporates and partners have warmly welcomed the payroll solution as myZoi continues to collaborate with more like-minded organizations committed to make a positive impact on the future for underbanked employees. Derived from the Greek word Zoi, which means “life”, myZoi’s mission is to improve the lives of the underserved. By including them into the formal financial ecosystem myZoi aims to create opportunities for their families to access better education, healthcare, and save toward building a better future.
myZoi has received the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licenses from the Central Bank of the UAE. More recently, myZoi partnered with Apparel Group, one of the UAE’s largest retail conglomerates, to redefine financial inclusion for over 4000 of their employees.
“We’re thrilled to see our homegrown startup, backed by SC Ventures, launch a digital wallet and tailored financial solutions specifically for the underbanked and their families,” said Rola Abu Manneh, Chair of the Board of myZoi, and CEO of Standard Chartered, UAE, Middle East and Pakistan. “This innovation brings real change and social impact, providing practical solutions like affordable fund transfers and financial education.”
