Home » Cashless Payments Knowledge Hub » Making Banking Accessible: How Universal Accounts Support Emirates ID Holders with Income Under AED 5,000 in the UAE
For many people, opening a bank account hasn’t always felt simple. Minimum balance requirements, salary conditions, paperwork, and branch visits make traditional banking sometimes feel difficult to access, especially for residents earning lower monthly incomes or those opening their first accounts.
For years, this created a gap. While digital payments and salary transfers became more common, many workers still rely heavily on cash, salary cards, or limited financial tools because opening a full-service bank account often comes with conditions they could not always meet.
That’s now beginning to change in the UAE.
The country is continuing to move towards a more digital-first financial ecosystem, with a growing focus on making essential banking services easier, more accessible, and available to a wider group of residents.
A Universal Account is a simple and reliable IBAN-based account, regulated by CBUAE.
Under the UAE Central Bank’s framework, these accounts are intended primarily for lower-income residents and the concept is built around accessibility. Rather than focusing on premium banking features, they are designed to give users access to services they use most often, including receiving income, transferring money, making payments, and managing finances digitally.
A key benefit of Universal Accounts is that they reduce some of the common barriers associated with traditional banking products. Features such as simplified onboarding and the benefit of no minimum balance help make banking more accessible to a wider range of users. [1]
The Payit Universal Account has been introduced under the CBUAE’s Universal Accounts framework, enabling individuals who may not qualify for traditional banking products to have access to simple, regulated banking and payment capabilities through a fully digital experience. [2]
Eligible users can open a Payit Universal Account if they:
The account includes the benefit of no minimum balance, making it easier for users to maintain and use their account without worrying about maintaining a specific balance.
To get started, applicants only need:
As part of the Universal Account framework, the account provides users with an IBAN, allowing them to receive income, transfer funds, and access a range of digital financial services through the Payit platform.
Under Payit’s eligibility guidelines, users may no longer qualify for the Universal Account if their monthly income exceeds AED 5,000 for three consecutive months or if they subsequently open another active current or savings account in the UAE. In such cases, the account may be migrated to a Payit Wallet Account in accordance with applicable regulations and provider policies. [3]
One of the biggest advantages of a Universal Account is how simple the onboarding process can be. The process allows eligible users to open an account directly through the Payit app without visiting a branch.
Download the Payit app from the Apple App Store, Google Play Store, or Huawei AppGallery. Once registered, select the Universal Account option.
Provide the required personal details to begin the account setup process.
Upload your valid Emirates ID for identity verification.
Follow the in-app verification process to confirm your identity and account details.
Once verification is completed, the account is activated instantly and an IBAN is issued, allowing users to begin using their account immediately.
While the account is available for use after activation, physical card delivery or digital card activation timelines may vary.
Universal Accounts are designed to make everyday money management simple, accessible, and fully digital. Powered by First Abu Dhabi Bank, the Payit Universal Account offers the benefit of no minimum balance while providing a convenient way to spend, save, transfer, and access funds from a single platform.
Users who choose to have their income credited to their Payit Universal Account may also enjoy additional rewards and benefits, including:
The Payit Universal Account also makes sending money home simple and convenient. Users can send money to over 200 countries and territories through a secure 24/7 service with fast processing and competitive exchange rates.
While Universal Accounts are designed to provide access to essential banking services, features can vary between providers. Benefits such as international remittances, digital wallet capabilities, access to onDemand services, rewards programmes, and additional offers are specific only to the Payit Universal Account experience. [4]
For many people, having access to a bank account is about more than just storing money.
It influences how income is received, how bills are paid, how money is transferred to family members, and how securely individuals can participate in the digital economy.
The Universal Account framework reflects the UAE’s continued commitment to expanding financial inclusion and ensuring that more residents have access to essential banking services.
Digital banking solutions help users reduce reliance on cash and provide more visibility over day-to-day spending. A simple digital wallet like Payit can make your everyday banking feel more manageable and less intimidating.
[1]. https://www.crowe.com/ae/news/cbuae-introduces-universal-accounts