Botim Money has introduced IBAN-enabled wallets on its platform, allowing eligible users to hold a Virtual IBAN in their own name and receive salary payments, direct deposits, and domestic bank transfers into their Botim Wallet.
The launch operates under the Central Bank of the UAE’s Universal Accounts Framework. Botim says its user base in the UAE stands at 8.5 million, with 65% classified as blue-collar workers and a further 31% in grey-collar segments. The company positions the product as a route into the formal financial system for communities that have historically struggled to access traditional bank accounts.
Beyond the IBAN itself, users gain access to peer-to-peer transfers, AANI payments, remittances to more than 170 countries, a globally accepted Mastercard card, fractional gold and silver investments starting from AED 10, and what Botim describes as regulated credit solutions. Onboarding is available in multiple languages and, the company says, takes under three minutes. There is no minimum salary requirement, no minimum balance, and no monthly fee.
For employers, Botim’s Wage Protection System-accredited payroll infrastructure, introduced in partnership with the Ministry of Human Resources and Emiratisation in 2024, allows businesses to process salaries directly into Botim Wallets while maintaining compliance with CBUAE and MoHRE requirements.
“Financial inclusion begins with access. For many people, having an account in their own name is the first step toward participating more fully in the financial system. By introducing Virtual IBANs through Botim, we are removing barriers to essential financial services and supporting the UAE’s vision for a more inclusive and digitally connected economy,” Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO of Botim said in a statement.
The product is aimed squarely at a segment of the UAE workforce that has, until now, sat largely outside the regulated banking ecosystem.
