In an important move to help more people manage their money, the UAE has introduced new services for residents who don’t have full access to banks. Al Ansari Financial Services and the fintech company Halan have teamed up to offer salary advances, money transfer services, and the option to pay later. These services aim to support people who have limited access to regular banking options.
The motive of this partnership to make easy for residents to handle unexpected expenses and send money abroad. By offering these services, they can provide much-needed financial help to those who are often left out of the traditional banking system.
Addressing the Financial Needs of the Unbanked
Many people in the UAE, particularly those with lower to middle incomes, find it hard to get financial help. While some banks like Abu Dhabi Islamic Bank and Emirates NBD offer salary advances, these often come with high interest, making things harder for people. The new services, such as salary advances and the “send now, pay later” option, provide cheaper ways to get the money needed without adding extra stress.
It is focused on assisting people without access to regular bank services by offering easy and fair financial support. It will be especially useful for expatriates who usually face challenges when trying to get loans from regular banks.
The goal is to make financial support easier for everyone, offering a way out of difficult situations without making things worse. These will allow residents to get the financial help they need at the right time, without the typical high fees.
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A Partnership for Financial Inclusion
The partnership between Al Ansari Financial Services and Halan aims to help people gain more control over their finances, especially those who need it the most. Mohammad Bitar, the Deputy CEO of Al Ansari Financial Services, highlighted how important this partnership is for supporting residents with limited access to regular banking services.
Omar Ramadan, the Managing Director of Halan GCC, shared that this initiative is setting a new standard for making financial services more available to everyone, especially to people who don’t usually have these options in the UAE.
This collaboration brings hope for many people who struggle with financial difficulties. It provides simple and practical solutions that can help them meet their financial needs without facing extra challenges. It’s a step forward in making sure everyone has access to the tools they need to manage their money better.
Remittance Made Easier with Pay Later Options
The “send now, pay later” service will let people send money to their families right away and pay it back in smaller amounts over time. This will help people cover urgent expenses while avoiding expensive loans with high-interest rates.
As part of the UAE’s effort to include more people in the financial system, this service is expected to ease the burden on many residents who regularly send money home. According to World Bank data, the total money sent out of the UAE reached $38.5 billion in 2023, making it the second-largest remittance sender after the US.
This new service makes it easier for residents to send money when needed, without worrying about heavy repayments. It’s an important step in making sure that more people can access financial help, especially those who depend on sending money abroad to support their families.
Growth of Halan and the Impact on the UAE Market
Halan, a fintech company that started in December 2024, is already making a positive difference in the UAE with its salary advance service. Since April 2024, the company has gained over 40,000 customers and hopes to reach 250,000 customers by the end of 2025. They also plan to give out Dh350 million in loans.
The increasing number of people using Halan Advance shows that there is a strong need for these kinds of financial services, especially among the expatriate community in the UAE. The aim of the company is to make it simpler for people without regular bank access to get financial support.
Halan is working hard to meet the needs of the people who need financial support the most. By providing easy-to-use and affordable services, the company is helping to create a more inclusive financial system for everyone in the UAE.
Conclusion
This effort by Al Ansari Financial Services and Halan is an important step in making sure all UAE residents, no matter their access to banks, can have financial freedom. With services like salary advances, money transfer options, and easy pay-later plans, the UAE is moving towards a future where more people can access financial help. The success of this partnership will help millions of people by giving them a better chance to manage their money.