Tabby Cash Passes 1 Million UAE Accounts as Fintech Tests a Business Account for SMEs

Tabby, best known for its buy-now-pay-later service, built Tabby Cash as a fee-free alternative to a bank debit account. Reaching 1 million sign-ups in two months gives it a direct relationship with a large share of the country's banked population outside its credit products, and a business account would take it further into territory held by banks.

Hosam Arab, Tabby's chief executive and co-founder, called Tabby Cash "the fastest growing product we've launched."

The account runs under the Stored Value Facilities licence Tabby holds from the Central Bank of the UAE. There are no setup or card fees and no minimum balance, and customers can earn up to 3% cashback on selected categories and on all international spending, the company said. Local transfers are free and unlimited, and transfers to bank accounts in more than 50 countries carry no transfer fees. Digital wallets including GCash, JazzCash and Vodafone Cash are supported. Users can also split telecom, utility and transport bills into as many as 12 monthly payments.

Zarik Nabi, Tabby's chief commercial officer, said an Emirates ID is the only document needed to open an account, which residents aged 18 and over can do in the app. "There's no salary certificate and no credit check, because Tabby Cash isn't credit: it's your own money," he said.

Nabi confirmed that international transfers carry a currency conversion margin, though no fees on top of it, and said the company's all-digital model and customer base keep that margin low. Most of the account's revenue comes from card spending, with Tabby taking a share of the interchange fee merchants pay on each transaction. Tabby also earns the exchange margin on transfers abroad, and Nabi said the account draws customers towards the company's other products.

Customer money is held separately from Tabby's own funds in dedicated accounts at UAE banks and can only be used for customers' payments and transfers, Nabi said.

The account also serves a practical role inside Tabby's own system: refunds on Pay Later purchases can land there instead of on a card, where refunds typically take three to 10 working days.

Nabi said customers move their money when they can get cashback, bill payments and domestic and international transfers on one card without fees, and that this is Tabby's advantage over banks and other wallets.

On small businesses, he gave few details. "We're testing a business account with a small group of the businesses that already sell with Tabby," Nabi said. "Expect to hear more from us soon." Tabby has not said when the business account will open more widely or what it will offer.