More than two million e& money users in the UAE will soon be able to apply for loans and other credit facilities directly through the app after the company secured a Finance Company licence from the Central Bank of the UAE.
The new licence enables the digital wallet provider to expand beyond payments and remittances into regulated lending. Services expected to be introduced in phases include buy-now-pay-later options, early wage access and credit cards.
For users, this means access to short-term credit, the ability to spread payments over time and the option to secure small loans within the same app they already rely on for daily transactions and transfers.
Khalifa Al Shamsi, CEO of e& life and e& international, said that even in a digitally advanced economy such as the UAE, access to credit is not always guaranteed. Although financial inclusion levels are high, traditional lending still leaves certain segments underserved.
He added that e& money views the challenge as one of access rather than risk. The company aims to rethink how credit is evaluated and delivered, leveraging data and technology to support individuals who have historically been overlooked by conventional systems.
Securing formal credit in the UAE can be challenging for some residents, particularly lower-income earners, newcomers and those without an established credit profile. Conventional banks typically rely on salary thresholds and existing credit histories when approving applications.
e& money stated that it plans to assess creditworthiness using transaction records, alternative data sources and advanced analytics. The company will operate under the Central Bank’s supervision as a licensed finance company.
The development reflects a wider shift within the UAE’s financial sector, where digital payment platforms are increasingly moving into lending as regulators establish frameworks that allow non-bank institutions to offer credit services.
