Press releases, Reports & Disclosures for Al Ansari Financial Services PJSC

Al Ansari Digital Pay, a subsidiary of Al Ansari Financial Services, has gained initial approval from the Central Bank of the UAE to launch a digital wallet. The wallet, which is part of the government's 'cashless society' initiative, is set to be introduced in Q2 2024. It aims to provide a secure and user-friendly platform for digital transactions. The wallet will allow peer-to-peer transfers, salary reception, domestic and international money remittance, bill settlement, and access to other digital services. The Group CEO of Al Ansari Financial Services, Rashed A. Al Ansari, stated that the digital wallet will greatly benefit their consumer base of over 4 million customers.

The press release announces the financial results for Q3 2023, which covers the period of nine months ending in November 2023.

The document provided is a third quarter review report and condensed interim consolidated financial statements for Al Ansari Financial Services PJSC and its subsidiaries. The report covers the nine-month period ending on 30th September 2023.

Al Ansari Financial Services has announced the opening of its 250th branch in Dubai through its subsidiary, Al Ansari Exchange, which is the largest outward personal remittance and foreign exchange company in the UAE. The opening of these new branches in 2023 is part of the group's expansion strategy to increase its presence throughout the UAE and improve client access to its services. The group aims to expand its network to 300 locations within the next two years, pending regulatory approvals. The new branches cover six of the seven emirates in the UAE, demonstrating the group's commitment to serving customers on a wider scale.

Al Ansari Financial Services has approved an interim cash dividend of AED 300 million at its first General Assembly Meeting. This approval follows the company's listing on the Dubai Financial Market (DFM) in April 2023. A second payment of at least AED 300 million is planned for April 2024. Future dividend distribution will be subject to the Board of Directors' recommendations and shareholder approval. The CEO of Al Ansari Financial Services stated that the approved cash distribution demonstrates the company's commitment to providing consistent returns and long-term value for its shareholders. The company plans to distribute cash dividends in November 2023 and April 2024.