myZoi Backs Underbanked With Digital Wallet Launch to ‘Reconnect Banking With Society’s Needs’

After successfully raising $14million in 2023, myZoi, a 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 remittance fees for underbanked employees, offering a new transfer capability enabling users to send money home to up to five people, for the cost of one.

myZoi explained it hopes 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. The fintech aims to make people’s daily transactional activities more safe, convenient, and cost-effective through a simple onboarding journey, domestic payment capabilities and instant fund transfers to their home countries.

myZoi announced it had raised $14million from SC Ventures and SBI Holdings in 2023, and also boasted of obtaining two regulatory licences from the Central Bank of the United Arab Emirates (CBUAE).

Syed Muhammad Ali, CEO of myZoi, discussed the launch: “myZoi is thrilled to be the first fintech in the space to provide personalised 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.

“For corporates, myZoi enables digitising payroll without altering their current processes while advancing corporates’ ESG’s social elements. myZoi seeks to support six out of 17 UN’s Sustainable Development Goals.”

Bringing ‘real change and social impact’

myZoi also offers ‘MoneyTips’, an interactive gamified financial education programme which introduces concepts around responsible spending, sustainable budgeting, and safeguarding money.

Corporates and partners have welcomed its payroll solution as the firm continues to collaborate with more like-minded organisations committed to making a positive impact on the future of underbanked employees.

The fintech received the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licences from CBUAE last year.

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,” explained Rola Abu Manneh, chair of the board at 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.”