About 1.5 million users in the UAE have enrolled with Aani, the central bank's new instant payments platform, as the Emirates seeks to increase financial inclusion and move towards a cashless society.
“There’s about 10 million people in the UAE, and we want to make sure everyone is on board this year,” said Andrew McCormack, chief operating officer at Al Etihad Payments, the UAE's nationally designated payment system operator. “We're about 15 per cent of the way there and hope to close that gap in 2025. Similar services in other countries include UPI in India and PayNow in Singapore.”
Aani offers real-time, 24/7 money transfers using mobile numbers, email addresses or QR codes, eliminating the need for international bank account numbers (IBANs). It has enrolled 57 licensed financial institutions, including major banks and exchange houses, and more than 80,000 merchants.
The platform has a transfer limit of Dh50,000 ($13,614) per transaction, with daily or monthly limits set by each financial institution. In the past 12 months, it has recorded an average of 27 per cent month-on-month growth in transactions and a 30 per cent monthly growth in transaction value, according to Al Etihad Payments.
Customers need to enrol with Aani, “but it’s an easy, one-time process”, said Mr McCormack. Both the sender and recipient need to be enrolled because “we are building a network effect”.
Most banks and licensed institutions are already connected to Aani. Once a customer enrols, they can open their bank app or preferred financial app, select a contact from their phone book and send money, he said. Users can also download the Aani app, which is available in all major app stores, link their bank accounts and use it to make payments.
“The idea is to make those peer-to-peer transfers convenient,” he said. “It’s a convenient way to send small amounts of money to people within your circle, without having to go and register a beneficiary on your online banking platform and get their IBAN, address and middle name.”
About a quarter (23 per cent) of transactions by UAE consumers are done using cash, according to a survey of 2,800 people across the GCC by Visa in January.
Within the peer-to-peer segment, tips and money exchanges between friends and family are the prime areas where UAE consumers use cash, the research found. The top reasons respondents prefer cash for peer-to-peer payments are habit and acceptance.
The Dubai Cashless Strategy aims to make 90 per cent of transactions in the emirate cashless by 2026. The strategy was announced last year by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence.
More options for businesses
Aani currently offers only peer-to-peer remittances, such as sending money to a family member or a small-business owner. The platform will soon roll out QR code payments for small businesses, Mr McCormack said.
“A lot of merchants don't appreciate the costs that come with accepting credit card payments. Aani will offer merchants an alternative to accepting digital payments, thereby minimising their costs,” he added.
Al Etihad Payments is also working to add features like request to pay, bill splitting and international remittances to Aani this year.
One of the Central Bank’s objectives is to look for opportunities to work with countries that have similar systems, according to the senior executive. An initiative is under way to connect the payment systems between India and the UAE. “We expect there'll be more such international remittance opportunities this year and into 2026,” he said.
Aani will also roll out an electronic direct debit feature this year. This aims to help users dealing with, for example, a utility provider, an insurance company or a vehicle loan, where payments are automatically deducted from the customer’s account, Mr McCormack explained.
“There's a lot of interesting use cases that could also eventually extend into, say, subscriptions. So, if you have a Netflix subscription, instead of using a credit card on file, you could have an automatic deduction from your bank account using Aani,” he said.
The Aani platform supports bank accounts, digital wallets and salary cards, and allows the user to link multiple accounts.
Once a user links their accounts and opens the Aani app, they can see their exchange house account, bank account or digital wallet, with all the balances visible in one place.
Aani stands out from other market players since private companies only offer payment systems within a closed loop, Mr McCormack said. “The idea that you can pay from any wallet or app to any merchant or any person is a pretty powerful differentiator. That's very difficult for a single player, bank or wallet provider to replicate in the market,” he added.
Jaywan card roll-out
The Central Bank has also asked all financial institutions to be ready to issue Jaywan cards early in the second quarter of this year, McCormack said.
Jaywan is the UAE’s first national domestic card programme, owned and operated by Al Etihad Payments. “Jaywan cards are almost ready to be accepted universally at points of sale, both through contact and contactless payment methods,” he said.
“We're working hard with digital wallet providers … We’re also working with all e-commerce gateways to accept Jaywan cards.”
People will start to familiarise themselves with Jaywan and be able to use it everywhere later this year, he added.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Super heroes
Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue
Hulk
Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues
Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking
Black Widow
Childhood traumas increase risk of mental illnesses
Thor
He's a god
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
Killing of Qassem Suleimani
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
