First Abu Dhabi Bank (FAB) announced on May 14 the launch of the Payit Universal Account, a mobile-based account aimed at providing access to essential financial services for underserved groups in the United Arab Emirates. The new product is designed to support individuals who may not qualify for traditional banking, including those earning up to AED 5,000.
The introduction of this account aligns with the Central Bank of the UAE’s financial inclusion initiative and falls under its Universal Accounts framework. The move is intended to help bridge gaps in access to regulated banking and payment services across different segments of society.
According to FAB, customers can open a Payit Universal Account digitally without a minimum balance requirement. The account offers local and international money transfers, bill payments, merchant transactions, as well as cash withdrawals and deposits through FAB ATMs. Customers who transfer their salary into Payit may receive additional benefits such as lending facilities and rewards.
The bank said that employers can use the solution for digital salary disbursement within a CBUAE-compliant framework. This allows salaries to be credited directly into an IBAN-enabled digital account instead of using legacy salary card models. FAB said this change could reduce operational risk and administrative overheads while improving payroll efficiency and transparency for businesses. Employees will have instant access to their salaries through secure accounts that support everyday payments and remittances.
FAB said that advancing financial inclusion remains a key priority in the UAE’s financial sector, with frameworks like Universal Accounts providing pathways for expanding regulated service access at scale. Through initiatives like Payit, FAB aims to strengthen digital banking inclusivity by offering multi-language support—English, Arabic, Hindi, and Urdu—via its app.
