myZoi Launches UAE’s 1st Inclusive Digital Wallet
This follows a $14 million fundraising round from SC Ventures and SBI Holdings.
MyZoi, a fintech company focused on financial inclusion and literacy for the underbanked, has launched the UAE's first inclusive digital wallet. This follows a $14 million fundraising round from SC Ventures and SBI Holdings, and the acquisition of two regulatory licenses from the Central Bank of the UAE.[1]
The myZoi Digital Wallet aims to reduce remittance fees for underbanked employees by offering a “One-To-Many” transfer capability, allowing users to send money to up to five recipients for the cost of one transaction.
MyZoi seeks to improve financial inclusion and literacy for underbanked employees in the UAE and their families, integrating them into the formal financial ecosystem.
In addition to its financial services, myZoi offers MoneyTips, an interactive, gamified financial education program that teaches responsible spending, sustainable budgeting, and money management. This initiative has been well-received by corporations and partners who value the financial well-being of underbanked employees.
Derived from the Greek word “Zoi,” meaning “life,” myZoi’s mission is to enhance the lives of underserved individuals.
Recently, myZoi partnered with Apparel Group, one of the UAE's largest retail conglomerates, to improve financial inclusion for over 4,000 employees.