UAE residents can now get loans through e& money app after new nod

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 after the company received a Finance Company licence from the Central Bank of the UAE.

The licence allows the digital wallet provider to move beyond payments and remittances into regulated lending. Products expected to roll out in stages include buy-now-pay-later services, early access to wages and credit cards.

For users, this means they may be able to access short-term credit, spread the cost of purchases or obtain small loans directly within 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 UAE has achieved near universal financial inclusion, gaps remain when it comes to conventional lending.”

He added: “At e& money, we believe its 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.”

Access to formal credit in the UAE can be difficult for some residents, particularly lower-income workers, new arrivals and people without an established credit history. Traditional banks often rely on salary thresholds and existing credit records when approving loans.

e& money said it plans to use transaction data, alternative data and analytics to assess 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, where digital payment platforms are expanding into lending as regulators create frameworks for non-bank financial institutions to offer credit services.