On ‘finance without borders’ lines
In this exclusive interview, Eric G. Karobia, CEO of Whizmo, discusses the Dubai-based all-in-one mobile money solution provider’s ambitious mission to democratise mobile money in the UAE. Focused on accessibility, simplicity, and inclusion, Whizmo represents a movement connecting cash-based communities with digital finance.
Karobia explains how Whizmo’s user-centric design, grassroots outreach, and regulatory milestones are not just strategies but a testament to the company’s commitment to serving both individuals and small businesses independently of traditional banks. With UAE Central Bank licences and a rapidly growing network of merchants and cash points, the fintech platform is well-positioned to be a transformative force in the UAE’s pursuit of financial inclusion and a cashless society.
Excerpts from the interview, which have been edited for length and clarity:
Can you explain Whizmo’s core mission of “democratising mobile money” and how it aligns with the UAE’s broader financial inclusion goals?
Whizmo’s core mission of democratising mobile money is not just a goal, but a transformative journey. It is founded on the principle that financial services should be readily accessible to all segments of society, without exception. This mission is not just ambitious, but it is also a beacon of hope for a more inclusive financial future in the UAE.
We are committed to delivering a user-friendly and cost-competitive digital platform that caters to both individuals and businesses in the UAE. By addressing the needs of communities that continue to rely heavily on cash-based transactions, we aim to bridge the gap between traditional and digital finance, thereby contributing to the UAE’s broader agenda for a cashless economy and economic empowerment.
What specific thought process went into the name Whizmo?
The name ‘Whizmo’ is a deliberate synthesis of two powerful ideas. The word ‘Whiz’ conveys more than just speed; it reflects a philosophy of seamless precision and intuitive efficiency.
Every element of the platform, from its streamlined onboarding to local and international transfers, bill payments, and financial management tools, is designed to deliver fast and effortless functionality.
The ‘mo’ refers to money, empowering users to digitise cash through smart QR code transactions and easily load funds into their wallets. Together, ‘Whizmo’ represents our commitment to making money management a fluid, intelligent, and remarkably simple experience.
How did Whizpay Technology identify the specific financial friction experienced by unbanked and underserved populations in the UAE?
Our founding team combined rigorous market research with firsthand insights to identify the many frictions faced by unbanked and underserved populations in the UAE. Their direct engagement with cash-reliant communities offered a clear perspective on the barriers to accessing formal financial services.
The Covid-19 pandemic further accelerated the global shift toward a digital economy, underscoring the urgent need for inclusive, contactless, and accessible financial solutions. This transformation made one thing clear: digital enablement was no longer optional; it had become essential.
Guided by these insights, we set out to develop a scalable and cost-efficient solution that addresses real-world challenges, including the secure digitisation of physical currency, simplified onboarding, and seamless money transfers.
Whizmo was built as a mission-led platform to bridge the gap between traditional and digital finance. By providing users with a frictionless way to manage their finances, it empowers greater independence, strengthens financial resilience, and supports long-term socioeconomic progress.
What differentiates Whizmo from fintech and mobile wallet platforms already operating in the UAE, GCC, East Africa, and South Asia?
We are focused on addressing both supply and demand, whereas most fintechs in the UAE typically concentrate on only one side. Thus, a key differentiator for us is the ability to operate independently of a traditional bank account, providing users with greater flexibility and access if they possess valid KYC documentation.
This innovation is supported by our unique operating model, which integrates a vast network of merchants and cash points. Merchants are businesses that accept payments through the Whizmo app, while cash points serve as physical locations where users can load or withdraw funds from their wallets by converting cash into e-money.
These include familiar neighbourhood establishments such as supermarkets, cafes, salons, and other community-based outlets. This approach not only strengthens the Whizmo network but also empowers micro, small, and medium-sized enterprises. By enabling them to serve as financial access points, we are supporting these businesses in generating additional revenue through increased transactions and footfall, while strengthening their connection to the communities they serve.
We are also in the process of establishing Whizmo experience centres at strategic locations, designed to provide both individuals and businesses with convenient and direct access to our services.
Whizmo has secured SVF and RPSCS licences from the Central Bank of the UAE. What do each of these licences enable Whizmo to do, and why are they crucial?
By securing the SVF and RPSCS licences from the Central Bank of the UAE, Whizmo is empowered to operate as a comprehensive digital payment service provider. The SVF licence enables Whizmo to offer secure e-wallet services, allowing users to store, deposit, transfer, and withdraw electronic money with ease.
The RPSCS licence authorises Whizmo to facilitate a wide range of regulated payment services, including mobile and online transactions, merchant payment acceptance, cross-border transfers, integration with banking and e-commerce platforms, and the issuance of payment instruments such as physical and digital cards.
These two licences are foundational to Whizmo’s ability to deliver secure, compliant, and scalable financial solutions while contributing significantly to the UAE’s digital payment ecosystem.
Can you share Whizmo’s roadmap for user and business adoption in its first year, and what metrics are you tracking?
Our roadmap for the first year has been designed to create a strong foundation for sustained adoption and growth. We began by launching the Whizmo brand with focused outreach initiatives aimed at building awareness across our key target segments.
Through a mix of digital campaigns, grassroots activations, and strategic visibility at high-footfall locations, we have worked to ensure the brand resonates with both individuals and businesses.
Customer acquisition is advancing on two fronts: individuals are drawn by usability and practical features. At the same time, businesses and SMEs are engaged directly to adopt Whizmo as a trusted, efficient payment solution. At the same time, we are steadily expanding our product offering in response to real-time feedback from users and partners.
We track our progress through metrics that reflect both reach and relevance: registered users, active usage rates, transaction volume, merchant acceptance points, and service adoption levels. These indicators help us remain agile, informed, and focused as we scale responsibly across the nation.
How does Whizmo onboard UAE-based individuals in underserved, cash-reliant communities, especially those without international banking relationships?
We are driving large-scale outreach efforts that go beyond digital and social platforms. Our focus includes direct, in-person engagement through localised brand activations and community outreach initiatives.
By meeting people where they are, our on-ground teams are not only helping them onboard Whizmo but also demonstrating how it can enhance their everyday financial management and overall quality of life.
What role do Whizmo cash points play in bridging the gap between cash and digital finance? How do you recruit and train such merchants in the UAE?
By enabling the seamless conversion of physical currency to e-money and the withdrawal of e-money as cash, our cash points serve as key enablers of Whizmo’s mission and align with the UAE government’s broader vision of a digital economy.
They also serve as strategic hubs for our sales team to acquire customers, provide opportunities for individuals to learn more about Whizmo, and experience the product firsthand. Most importantly, they help build trust by offering a physical presence where customers can engage with our brand directly.
Through our growing distribution network, users can safely fund their Whizmo wallets and complete daily transactions with ease. We invite any business holding a valid UAE trade or commercial licence to partner with us as a cash point.
Our zero-cost, fast-track onboarding is among the most efficient in the UAE. Once registered, each partner receives comprehensive training to ensure secure and compliant operations in line with local regulations, while delivering reliable services to the Whizmo community.
How do you ensure the Whizmo app remains accessible for users with language barriers, low digital literacy and limited smartphone experience?
The UAE has an internet penetration rate of approximately 99 per cent and a smartphone penetration rate of 95 per cent. Both citizens and residents actively use their mobile devices for a wide range of daily activities and services.
To ensure accessibility for its diverse population, Whizmo has been developed with multiple language options. It is currently available in English and Arabic, with additional languages in progress to boost engagement among users who prefer to use their native language.
Supporting this inclusivity is our intuitive, chat-based user interface and icon-driven communication design, created to simplify financial transactions for individuals with limited digital or mere numerical literacy.
Rather than navigating complex menus, users can complete key actions as easily as sending a message or selecting a familiar icon. The app’s Smart QR feature further enhances convenience by enabling users to perform essential transactions without having to interpret detailed instructions.
How does Whizmo’s zero-cost onboarding for individuals and businesses help create equal access, especially for low-income users?
Our zero-cost onboarding eliminates barriers for low-income individuals and small businesses, enabling them to participate in the digital economy without any upfront investment. This approach underscores our commitment to financial democracy by empowering underserved segments with the access they deserve.
There is no discrimination based on income, no minimum balance requirement, no need for security collateral, and no investment in hardware or software. Individuals can begin transacting without a bank account, while businesses can receive payments instantly, ensuring timely access to working capital when it is needed most.
Can you walk us through Whizmo’s key features—e-wallet storage, QR payments, bill payments, and utility recharges, local and international transfers?
With the Whizmo app, users can securely store funds, make QR payments at merchant locations, pay utility bills, and transfer money both locally and internationally, all through a chat-based user interface.
Every feature is designed with a strong emphasis on speed, convenience, and daily relevance. Beyond everyday transactions, Whizmo empowers users to set savings goals, monitor expenses, and take greater control of their financial well-being.
For businesses, Whizmo offers a comprehensive payment solution, a dashboard that enables them to receive payments instantly, monitor transactions in real time, and execute both B2B and B2C payments.
How does Smart QR technology work, and what benefits does it offer for users unfamiliar with digital payments?
Smart QR technology in the Whizmo app uses dynamic QR code generation and real-time data encryption to enable secure, contactless transactions. With device-level authentication, it minimises manual data entry and reduces the risk of errors, offering a safer and more efficient payment experience.
Designed to simplify digital interactions, this feature is beneficial for users who are less familiar with conventional mobile payment methods. This technology allows users to complete various actions such as making payments, adding funds, withdrawing cash, or requesting money, without navigating multiple screens or menus.
The system works smoothly even on basic smartphones, ensuring broad accessibility without the need for advanced hardware. Its user-friendly interface shortens the learning curve, enabling individuals to perform essential financial tasks with minimal guidance.
Tell us about the interface’s personal assistant or chatbot. How does it guide users and resolve queries in a user-friendly way?
We believe that our chat-based interface is one of Whizmo’s most powerful value propositions, designed to meet the diverse needs of users from all walks of life. Each interaction begins as a simple chat, offering clear explanations at every step.
Our integrated personal assistant further enhances the experience by linking users to helpful tutorial videos, making it easier to understand and use key features with confidence.
What are your plans for emerging features like savings goals (‘My Goal’), credit solutions, or micro-insurance and investment products?
At its core, Whizmo is designed to offer accessible financial services that enable individuals to actively participate in the economy, gradually cultivate consistent saving habits, and build a favourable credit profile. By encouraging them to save, we aim to lay the foundation for future investments and long-term financial growth.
As we continue to evolve, our focus remains on expanding these capabilities to support financial well-being across diverse user segments. Our ongoing commitment is to introduce features that empower users to make informed decisions and plan their financial future with confidence and clarity.
How does Whizmo implement a zero-trust security model, and what ongoing measures are in place for risk assessment and vulnerability management?
Whizmo follows a strict zero-trust security model that verifies every access request based on identity and context, without assuming any implicit trust. We apply network segregation to limit lateral movement within systems and duty segregation to ensure no single individual or system has complete control over critical functions. This is reinforced by the principle of least privilege, where all users and systems are granted only the access necessary for their roles.
Ongoing risk assessment and vulnerability management measures include regular security audits, automated scans, penetration testing, and timely patch management. We also deploy real-time monitoring, advanced threat detection tools, and endpoint protection to identify and respond to anomalies swiftly. This layered approach helps maintain strong operational security, protect user data, and ensure continuous compliance with regulatory standards.
How do you educate users, especially first-time digital wallet users, about security, fraud prevention, and safe practices?
At Whizmo, we adopt a multi-pronged approach to educate users, particularly first-time digital wallet users, about security, fraud prevention, and safe usage practices. Our communication spans user guides, social media, website updates, push notifications, blogs, and news articles, each designed to be accessible and easy to understand.
Complementing these digital efforts are our dedicated on-ground teams who engage directly with diverse communities. Through face-to-face interactions, awareness sessions, and participation in local events, they help users recognise potential risks and reinforce safe transaction habits. This community-centric model ensures that even individuals with limited digital literacy receive the guidance and support needed to use Whizmo confidently.
Additionally, we offer round-the-clock customer support and encourage users to report any suspicious activity without delay.
Given that mobile wallets often store sensitive financial data, what is your approach to data privacy, encryption, compliance with AML/KYC regulations, and third-party audits?
Whizmo ensures strong data privacy and security through end-to-end encryption of all financial information, both in transit and at rest. We comply fully with the UAE Central Bank’s regulations, implementing robust KYC and AML procedures, including UAE Pass for secure user verification.
Our systems use real-time monitoring, risk scoring, and transaction analysis to detect and prevent fraud and money laundering. Regular third-party audits and independent assessments validate our controls, ensuring continued compliance with national and international standards.
What is Whizmo’s expansion strategy beyond the UAE? Are there specific GCC or global markets in your sights, and what lessons from the UAE will you carry forward?
At this stage, our strategic priority is to deepen our presence within the UAE by establishing a robust and reliable foundation. We believe that sustainable growth begins with excellence in our core market. We will consider expansion into other GCC markets only after firmly establishing our operations and validating our model locally. Any future growth will be pursued in alignment with our long-term vision of advancing financial empowerment.
As we scale rapidly across the country, we remain committed to listening, learning, and adapting. User feedback plays a vital role in shaping our roadmap, and each business use case provides valuable insights. This continuous loop of engagement and refinement ensures that our growth remains both responsible and future-ready.
How do you envision Whizmo evolving in the next three to five years, particularly regarding partnerships (banks, insurers, merchants), new product verticals, and impact on the UAE’s cash-to-digital transformation?
Over the next three to five years, our vision is to establish Whizmo as the financial platform of choice for individuals and businesses across the UAE. We are committed to becoming a trusted partner for everyday payments by delivering reliable, user-centric solutions that evolve in step with our customers’ needs.
In parallel, we are expanding our retail presence by fostering strategic alliances with merchants and enterprises that share our commitment to innovation and inclusion. Central to our growth strategy is a robust focus on interoperability and partnerships.
We are working to integrate with leading financial institutions and ecosystem partners, including government entities, to create secure and scalable financial experiences for all.
How does Whizmo stay ahead of the competition that it finds itself up against?
Whizmo stays ahead of the competition by consistently delivering secure, user-centric financial solutions that are thoughtfully designed to meet the evolving needs of both individuals and businesses in the UAE. Our approach is driven by innovation and guided by a clear commitment to simplicity, accessibility, and long-term value creation.
We have assembled a team of global experts who bring deep experience and a shared commitment to translating Whizmo’s vision into reality. Our business model is anchored in the principle of shared prosperity, as demonstrated through our Merchant and Cash Point networks, where the growth and success of our partners directly contribute to our own.
Our competitive edge lies in removing financial frictions and addressing real-world challenges with purposeful design. By placing customer needs at the centre of every decision, we continue to build trust, strengthen engagement, and sustain our market leadership in a fast-moving digital landscape.
What do your earlier leadership stints in the fintech sector in Africa bring to the table as CEO of Whizmo?
My leadership journey in Africa spans over two decades, during which I have had the privilege of contributing to some of the region’s most transformative fintech launches across banking and telecommunications.
These experiences have significantly shaped my expertise in mobile money, digital banking, and financial inclusion. I have led complex transformation initiatives, particularly in East Africa, where I saw firsthand the profound impact of accessible financial services on communities. This on-the-ground experience has cultivated a practical, impact-oriented approach to innovation and execution.
As the CEO of Whizmo, I bring that perspective to the UAE, with a focus on delivering not just a digital payments platform, but meaningful access and lasting value for users. My passion for driving systemic change and advancing democratized finance continues to guide our strategic direction, empowering us to exceed regulatory and market expectations while actively contributing to a more inclusive financial landscape.
Hero image: Eric G. Karobia, CEO of Whizmo. Credit: Whizmo
