MyZoi launches inclusive digital wallet for the underbanked

By Gloria Methri

myZoi, a Dubai-based FinTech focused on financial inclusion and financial literacy for the underbanked, has launched an inclusive digital wallet. This follows a successful $14 million fundraising from SC Ventures and SBI Holdings and the obtaining of two regulatory licenses from the Central Bank of the United Arab Emirates.

“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. Its ‘One-to-Many’ transfer capability enables users to send money to five people for the cost of one. myZoi aims to make daily transactional activities safe, convenient, and cost-effective for the underbanked population 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 that introduces concepts such as responsible spending, sustainable budgeting, and safeguarding money. Corporates and partners welcomed the payroll solution as myZoi continues to collaborate with more like-minded organizations to make a positive impact on the future of underbanked employees.

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, it partnered with Apparel Group, one of the UAE’s largest retail conglomerates, to redefine financial inclusion for over 4,000 of its 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, 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.”