“UAE Finance Company Licence approved by CBUAE, expanding credit access to 2m e& users”
Dubai: More than two million e& money users in the UAE will soon be able to apply for loans and other credit products through the app, following the company’s receipt of a Finance Company licence from the Central Bank of the UAE.
The licence enables the digital wallet provider to expand beyond payments and remittances into regulated lending. Products expected to be introduced in phases include buy-now-pay-later services, early wage access and credit cards.
For users, this could mean access to short-term credit, the ability to spread the cost of purchases, or obtain small loans directly through the same app they already use for everyday payments and money transfers.
Khalifa Al Shamsi, CEO of e& life and e& international, said: “In a digitally advanced economy like the UAE, access to credit is still not a given. While the country has achieved near-universal financial inclusion, gaps remain when it comes to conventional lending.”
He added: “At e& money, we believe it’s about facilitating access — this is not a risk issue; it’s an access issue. With this next chapter, we are rethinking how credit is assessed and delivered, using data and technology to open doors for people who have long been overlooked.”
Difficult access
Access to formal credit in the UAE can be challenging for some residents, particularly lower-income workers, new arrivals and those without an established credit history. Traditional banks typically rely on salary thresholds and existing credit records when assessing loan applications.
e& money said it plans to leverage transaction data, alternative data and advanced analytics to evaluate creditworthiness. The company will operate under Central Bank regulation as a licensed finance company.
The move reflects a broader trend in the UAE’s financial sector, with digital payment platforms expanding into lending as regulators establish frameworks enabling non-bank financial institutions to offer credit services.
