UAE-based fintech major Tabby is expanding beyond its core buy-now-pay-later offering with the launch of Tabby Cash, a fee-free debit account alternative. The move signals the company’s ambition to become a comprehensive platform for consumer money management in the United Arab Emirates.
Quick Facts
- Over 150,000 users joined the waitlist.
- First product under a new CBUAE license.
- Charges no account setup or card fees.
Moving Beyond BNPL into Everyday Banking
Tabby Cash marks the company’s first major product launch under the Stored Value Facilities license granted by the Central Bank of the UAE (CBUAE). The service, which is rolling out across the country in the coming weeks, provides users with a free account and an accompanying Tabby Cash Card.
Cardholders will benefit from a flat 3% cashback on all purchases until November 1, 2026, as an introductory offer. Following this period, standard users will receive 1% cashback, while subscribers to Tabby Plus will get 3% cashback on select categories and all international spending.
A Direct Challenge to High-Cost Finance
The launch positions Tabby as a direct competitor to traditional financial products in the region. The company highlighted the high costs associated with conventional banking, noting that credit cards in the UAE can carry annual interest rates between 30% and 46%.
Tabby also pointed to the common practice of charging fees for falling below minimum balance thresholds on current accounts and the high cost of international money transfers, which can be AED 75 or more before exchange rate markups. By operating with a digital-first infrastructure free from the overheads of physical branches, Tabby aims to pass on operational savings to its users.
“We started Tabby because we believed money should be flexible enough to work around your life, not the other way around,” said Hosam Arab, CEO and Co-Founder of Tabby.
“We are building a place where people have full control over their money, with the same clarity and flexibility they have come to expect from us.”
About Tabby
Tabby is a financial technology company that aims to provide financial freedom by reshaping how people shop, earn, and save. It is one of the leading buy-now-pay-later providers in the Middle East and North Africa.
Source: Fintech News UAE
