Wio Bank, a UAE-based digital bank, is setting ambitious targets for 2025, aiming to double its retail customer base and significantly expand its SME services.
CEO Jayesh Patel revealed that the bank currently serves 220,000 retail customers with deposits totaling AED30 billion ($8.2 billion). The two-and-a-half-year-old institution plans to grow its customer base by 1.5 to 2 times over the next year.
Impressive Profit Growth and Consumer Focus
Wio Bank has experienced remarkable growth, achieving a profit of AED2 million in 2023 and increasing this figure substantially in 2024, with revenues growing 2.5 times year-on-year.
The bank’s retail strategy targets customers with minimum savings of AED35,000, emphasizing wealth growth and financial well-being. Wio’s flagship service, MyCash, allows retail customers to access salaries early for AED1 per AED1,000 per day, ensuring transparent, informed decision-making.
SME Expansion Plans
Currently serving 80,000 SMEs, Wio aims to grow this segment to 140,000 by the end of 2025. Key initiatives include:
- Credit facilities tailored to SME needs, addressing significant customer demand.
- A payroll proposition enabling businesses to manage salary disbursements seamlessly.
Wio also plans to integrate with food delivery and e-commerce platforms, enhancing the user experience for business clients. The bank is in advanced discussions with several platforms, with announcements expected in Q1 2025.
Economic Optimism and Market Trends
Patel noted a steady inflow of capital into the UAE, bolstered by new businesses and investments. “The influence of new businesses and people moving into the UAE is strong, and we are very optimistic about the coming year,” he stated.
