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June 30, 2022

Lulu Exchange partners with Magnati to facilitate DWallet cards

LuLu International Exchange – one of UAE’s most prominent financial services provider, has partnered with Magnati – a fully owned subsidiary of First Abu Dhabi Bank (FAB), to launch the DWallet Card Payment Service for UAE citizens and residents.
As a part of the service, sponsors of domestic workers can now transfer their domestic worker’s salary to their DWallet prepaid card through any of the 83 branches of Lulu Exchange, which will help facilitate payment and top-ups for the cards. The partnership expands DWallet’s network of participating entities and improves convenience for sponsors making salary transfers.
DWallet is an initiative between the Ministry of Human Resources & Emiratization (MOHRE), First Abu Dhabi Bank (FAB) and Magnati to provide a unified payment solution to domestic workers. The solution is designed to facilitate monthly salary transfers and ensure domestic workers across the UAE are paid in a transparent and cashless manner wherein earnings are deposited directly into their cards.
Talking about the rollout of the service, Richard Wason, CEO, LuLu Financial Group said, “LuLu Exchange values the payment needs of all its consumers and remains committed to building upon collaborative partnerships that can aid financial inclusion for all sections of society. From being the first exchange house to integrate the UAE’s Wage protection Scheme, to launching globally accepted payment methods on our digital platform LuLu Money, we aspire to innovate value and inspire experiences to help the payments ecosystem achieve its true potential.”
Talking about the partnership, Enaz Ebrahim, Managing Director & Head of Consumer Payment Solutions, Magnati said, “Magnati is committed to provide consumers with convenient and secure payment solutions, and our partnership with LuLu Exchange allows us to deliver another financial inclusion solution for the benefit of society. We’re excited to partner with a leading financial services provider to expand DWallet’s offering and provide the sponsors with additional options to top-up the DWallet card, while advocating for increased participation of new segments in the financial sector.”