Mbank partners with AEP for Aani Instant Payments launch

This initiative aligns with Mbank’s strategy to improve digital payment services, offering users secure, 24/7 instant payment transactions.

The Aani Instant Payment Platform is part of the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) program to advance the nation’s payment ecosystem. The platform facilitates simple, real-time digital payments, accessible through the Mbank UAE app and the standalone Aani app available on iOS and Android devices.

Mbank customers can now benefit from real-time fund transfers across local financial institutions within the Aani network. The service enables users to transfer money, request payments using mobile numbers or email addresses, and split bills without the need for bank account details or IBANs, simplifying the transaction process.

This collaboration supports Mbank’s focus on delivering innovative and efficient digital banking solutions while contributing to the broader goals of improving the UAE’s digital financial infrastructure.

UAE's FIT program: driving digital payments, financial inclusion, and cybersecurity

The Financial Infrastructure Transformation (FIT) program, launched by the Central Bank of the UAE, is a strategic initiative aimed at overhauling the nation’s financial landscape to support its digital economy goals. The program’s primary focus areas include improving digital payment solutions, increasing financial inclusion, and fortifying cybersecurity measures across the financial sector. The FIT program targets a significant boost in digital payment adoption, which is crucial given that cash transactions still accounted for 75% of total payments in the UAE as recently as 2023. By modernising payment systems, the initiative aims to reduce this percentage, driving the nation closer to its Vision 2030 objective of becoming a predominantly cashless economy.

A key component of the FIT program is its effort to elevate the UAE’s status as a regional financial hub. The program supports the rapid adoption of instant payment platforms, like Aani, which are expected to contribute to digital payment volumes annually. This growth aligns with the rising consumer demand for simple, 24/7 payment services and the country’s high smartphone penetration rate of 96%, one of the highest globally. By implementing robust infrastructure upgrades and regulatory frameworks, the FIT program positions the UAE to attract greater foreign investment and enhance its competitive edge in the global financial services market.