UAE residents now have access to salary advances, money transfer services, and instalment payment options to manage their financial needs better. This initiative is made possible through a partnership between Al Ansari Exchange, part of Al Ansari Financial Services, and the fintech company Halan.
The service is designed to support underbanked and unbanked residents, offering a helpful alternative to avoid high-interest credit. It primarily benefits mid and low-income individuals, helping them ease financial pressure.
Many UAE residents already use salary advance options provided by major banks like Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Ras Al Khaimah Bank, United Arab Bank, Ajman Bank, Sharjah Islamic Bank, and Emirates NBD. However, Dubai Islamic Bank discontinued this service earlier this year.
This new partnership aims to go further. According to Mohammad Bitar, deputy group CEO of Al Ansari Financial Services, this service promotes financial independence and inclusivity. “We’re offering a practical and ethical solution to improve the financial well-being of our customers, especially those with limited access to traditional banking,” he said.
Omar Ramadan, managing director of Halan GCC, emphasized the innovation behind the solution, stating it raises the bar for financial accessibility and inclusion in the region.
With the “Send Now, Pay Later” (SNPL) service from Al Ansari Exchange, customers can send more significant amounts to their families instantly and repay in instalments, improving their financial flexibility.
In 2023, remittances from UAE residents reached $38.5 billion, second only to the US ($85.5 billion), according to the World Bank.
Halan, launched in December 2024, focuses on salary advances for employees and businesses, catering to over 3.7 million underbanked expatriates in the UAE. Since April 2024, Halan Advance has gained 40,000 customers and aims to reach 250,000 by 2025, disbursing Dh350 million in loans.
Omar Ramadan noted the success of Halan Advance, saying, “The response has been fantastic.” This service represents a significant step in addressing the financial needs of residents who face challenges accessing traditional banking services.
