Despite the UAE’s status as a global financial hub, a significant portion of its workforce operates on the fringes of the formal banking system. Addressing this gap, Abhimanyu Girotra, CEO of Huru, is leading a mission to provide regulated and accessible financial services to the millions of unbanked and underbanked residents, primarily expatriate workers, who form the backbone of the nation’s economy.
A Regulated Approach to Building Trust
From its inception, Huru has prioritized regulatory compliance as a core tenet of its business model. Unlike many fintechs that pursue a “launch first, license later” strategy, Huru deliberately secured its license from the Central Bank of the UAE before going to market. Girotra emphasizes that this is not merely a formality but the foundation of the company’s identity, ensuring that every product—from IBAN accounts to remittances—adheres to the highest standards of financial security and consumer protection. This commitment to operating within a fully compliant framework is designed to build lasting trust with a user base that has often been exposed to informal and less secure financial solutions.
Beyond a Standard Digital Wallet
Huru distinguishes itself from existing salary cards and digital wallets by offering a comprehensive financial platform. New users can open a fully functional, zero-balance IBAN account in minutes using only their Emirates ID. The platform is designed to maximize savings for its users by eliminating common fees associated with basic banking tasks like SMS notifications and in-app balance checks. Key features include one free ATM withdrawal per month and low-cost international remittances with transparent pricing. A standout feature, “Saving Pots,” encourages goal-based saving, empowering users to set aside funds for significant life events like a child’s education or buying a home.
An Employer-Centric Growth Strategy
A key pillar of Huru’s strategy is its employer-focused payroll solution. The platform is designed to integrate seamlessly with existing Wage Protection System (WPS) workflows, offering companies a modern, compliant, and employee-friendly alternative to legacy systems. This model removes the administrative and financial burden from employers, particularly concerning employee credit needs. By launching an embedded microfinance solution directly within the app, Huru allows employees to access short-term credit responsibly, removing friction for HR departments. Furthermore, Huru provides a persistent IBAN that remains with the employee even if they change jobs, creating a stable and future-proof financial infrastructure.
Building a Responsible Credit System
Recognizing that access to credit is a critical component of financial inclusion, Huru is developing a prudent and innovative microfinance product. To become eligible for a loan, a user must receive at least three salary payments through their Huru account. This allows the platform to monitor income consistency and analyze transactional behavior, including remittances and bill payments. This data, combined with a proprietary prediction model, will help build a sustainable system for extending credit to an underserved demographic. Girotra stresses that trust and transparency are paramount, with all user data protected by bank-grade encryption and every transaction fee clearly displayed before confirmation.
About Huru
Huru is a UAE-based fintech company licensed by the Central Bank of the UAE. Its mission is to drive financial inclusion for the country’s unbanked and underbanked communities by providing a regulated, affordable, and transparent platform. Huru offers a range of services including IBAN accounts, low-cost remittances, goal-based savings, and an employer-integrated payroll solution, with plans to expand into microfinance, insurance, and healthcare services.
Source: Gulf Business
