Al Ansari Financial Services Posts 10% Profit Rise as Digital and Regional Expansion Gains Pace
Operating income climbed 7 percent to AED294 million, while EBITDA rose 13 percent to AED138 million, maintaining a healthy EBITDA margin of 46.8 percent. The company also saw a modest 1 percent increase in total transactions, reaching 12.5 million in the first quarter.
Growth was especially notable in digital channels, which recorded a 16 percent rise in transaction volume and now account for nearly a quarter of all outward remittances. Banknote transaction values rose 6 percent to AED22 billion, and salary disbursals through the Wage Protection System surged 27 percent to 2.5 million.
Group CEO Rashed A. Al Ansari credited the results to disciplined execution and a sharp focus on customer experience, despite a challenging geopolitical and competitive landscape.
Deputy Group CEO Mohammad Bitar highlighted the completion of the BFC acquisition as a key milestone in the company's regional growth strategy. He also announced the launch of a new digital wallet, which is expected to reshape how customers manage their finances and further solidify Al Ansari's position in the fintech space.
The Q1 results reflect the company's continued emphasis on digital innovation and regional expansion, setting a positive tone for the rest of the year.
News Source: Emirates News Agency
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
3 days ago
- Web Release
Al Ansari Exchange Addresses Indian Rupee Drop to Near Record Lows and Its Implications for UAE Remittance Market
Al Ansari Exchange, a leading remittance and foreign currency exchange service provider in the UAE, has highlighted the recent sharp decline of the Indian rupee against the UAE dirham, which is pegged to the U.S. dollar. The rupee has approached record lows, trading around ?23.91 per AED, with intra-week fluctuations between ?23.63 and ?23.95. This marks one of the weakest levels in recent years and has drawn significant attention from expatriate communities and businesses with exposure to India. The drop in the Indian rupee has been driven by several factors, including heightened trade tensions between the United States and India, particularly the threat of new tariffs on Indian exports of up to 25 percent. These developments have unsettled investors and triggered capital outflows from Indian markets. July 2025 witnessed the rupee's lowest monthly performance since 2022, with foreign equity sell-offs exceeding USD 2 billion. Additionally, the Reserve Bank of India has taken a more cautious stance on currency intervention, allowing the rupee to adjust more freely to external factors. Global geopolitical concerns and rising oil prices have further weighed on India's import bill, exacerbating the currency's decline. For consumers in the UAE, this development is already influencing remittance and currency exchange patterns. Al Ansari Exchange has observed a surge in remittance activity, as Indian expatriates take advantage of the more favourable rates to send additional funds back home. The stronger conversion value is allowing customers to remit significantly higher amounts in rupees for the same dirham outlay, providing tangible benefits to families and dependents in India. At the same time, businesses and individuals engaged in trade with India are reviewing their hedging strategies and timing of transactions in light of the increased volatility. In response to the surge in remittance demand, Al Ansari Exchange has ensured sufficient liquidity across its nationwide branch network and digital channels, while continuing to provide competitive rates and transparent pricing. The company has also launched targeted initiatives to attract customers during this period, including special promotional offers, rate alerts via its mobile application, and expanded staffing at high-demand branches to ensure smooth and efficient service. Commenting on the situation, Rashed A. Al Ansari, CEO of Al Ansari Exchange said: 'The current exchange rate presents a unique opportunity for Indian expatriates in the UAE to maximise the value of their remittances. While the outlook for the rupee remains influenced by global and domestic factors, we are fully prepared to meet the increased demand and provide our customers with the best possible value and service during this period of heightened currency volatility.' Al Ansari Exchange reaffirmed its commitment to supporting customers with reliable and efficient remittance solutions, even as currency markets remain uncertain. The company continues to monitor global economic developments closely and remains focused on delivering safe, transparent, and customer-centric services.
Khaleej Times
30-07-2025
- Khaleej Times
Ajman Bank and MENSA Technologies announce strategic alliance
Ajman Bank, a leading Shariah-compliant banks in the UAE, has partnered with MENSA Technologies, a fintech company, in a strategic alliance aimed at enhancing the delivery of Wage Protection System (WPS) services across the region. This collaboration combines Ajman Bank's banking infrastructure with MENSA Technologies' digital payroll solutions to provide seamless and timely salary disbursements to a culturally diverse workforce while meeting all regulatory requirements. The partnership introduces a next-generation WPS card solution tailored to the needs of today's representative global employee base. Designed to simplify payroll management, the solution empowers employees regardless of income level or banking access with secure, regulated financial services that extend beyond traditional cash-based systems. Mustafa Al Khalfawi, CEO of Ajman Bank, said: 'This partnership reflects Ajman Bank's strategic focus on embedding innovation into core banking infrastructure to support national priorities. By integrating agile digital payroll solutions with Shariah-compliant financial services, we are enhancing the wage protection ecosystem in a way that is secure, compliant, and scalable. It enables employers to meet regulatory obligations efficiently, while expanding access to banking for underserved segments of the workforce. As the financial system evolves, Ajman Bank remains committed to delivering purposeful innovation that advances both customer value and economic resilience.' This initiative reinforces the infrastructure for compliant, transparent, and inclusive salary disbursement—an essential pillar in the UAE's evolving financial ecosystem. Dr. Mengsha Tan, Chairwoman of Mensha Group, added, 'This WPS Cards and Wallets initiative is a powerful testament to Mensha Group's commitment to advancing financial inclusion. Through MensaPay and Mensa Technologies' innovation, combined with Ajman Bank's trusted banking framework, we are providing individuals with the financial tools they truly deserve, contributing significantly to the UAE's ambitious journey.' Muhammad Ashraf, CEO of MensaPay, commented: ' At MensaPay, we are immensely proud to enable this significant stride towards financial inclusion and a cashless society in the UAE, Our advanced technology underpins MensaPay's ability to deliver a compliant, efficient, and user-friendly solution with Ajman Bank, opening doors to essential financial services for the underbanked.' This partnership marks a significant step in reinforcing the UAE's wage protection framework and ensuring financial accessibility for all. By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are delivering a future-ready WPS model designed for scale, compliance, and inclusion. It demonstrates how cross-sector collaboration can unlock new channels for economic resilience, workforce empowerment, and sustainable growth across the region.
Zawya
30-07-2025
- Zawya
Ajman Bank and MENSA Technologies announce strategic alliance to transform WPS services in the UAE
Ajman, United Arab Emirates: Ajman Bank, one of the leading Shariah-compliant banks in the UAE, has partnered with MENSA Technologies, an innovative fintech company, in a strategic alliance aimed at enhancing the delivery of Wage Protection System (WPS) services across the region. This collaboration combines Ajman Bank's robust banking infrastructure with MENSA Technologies' agile digital payroll solutions to provide seamless and timely salary disbursements to a culturally diverse workforce while meeting all regulatory requirements. United by a shared vision of financial inclusion and operational excellence, the partnership introduces a next-generation WPS card solution tailored to the needs of today's representative global employee base. Designed to simplify payroll management, the solution empowers employees regardless of income level or banking access with secure, regulated financial services that extend beyond traditional cash-based systems. Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated:"This partnership reflects Ajman Bank's strategic focus on embedding innovation into core banking infrastructure to support national priorities. By integrating agile digital payroll solutions with Shariah-compliant financial services, we are enhancing the wage protection ecosystem in a way that is secure, compliant, and scalable. It enables employers to meet regulatory obligations efficiently, while expanding access to banking for underserved segments of the workforce. As the financial system evolves, Ajman Bank remains committed to delivering purposeful innovation that advances both customer value and economic resilience." This initiative reinforces the infrastructure for compliant, transparent, and inclusive salary disbursement, an essential pillar in the UAE's evolving financial ecosystem. Dr. Mengsha Tan, Chairwoman of Mensha Group, added, "This WPS Cards and Wallets initiative is a powerful testament to Mensha Group's commitment to advancing financial inclusion. Through MensaPay and Mensa Technologies' innovation, combined with Ajman Bank's trusted banking framework, we are providing individuals with the financial tools they truly deserve, contributing significantly to the UAE's ambitious journey." Mr. Muhammad Ashraf, CEO of MensaPay, commented: "At MensaPay, we are immensely proud to enable this significant stride towards financial inclusion and a cashless society in the UAE, Our advanced technology underpins MensaPay's ability to deliver a compliant, efficient, and user-friendly solution with Ajman Bank, opening doors to essential financial services for the under banked." This partnership marks a significant step in reinforcing the UAE's wage protection framework and ensuring financial accessibility for all. By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are delivering a future-ready WPS model designed for scale, compliance, and inclusion. It demonstrates how cross-sector collaboration can unlock new channels for economic resilience, workforce empowerment, and sustainable growth across the region.
