The Ministry of Finance (MoF) of the UAE has announced the introduction of payment services with Tabby, where the company offers clients to pay government service fees and fines in installments using authorized payment methods as per the “Buy Now, Pay Later” model.
It is the first collaboration that the ministry has had with Tabby, the company providing financial and shopping services in the region of the Middle East and North Africa.
The partnership is also expected to streamline the process of paying the federal government service fees and fines under a flexible monthly payment installment, which would be consistent with the Ministry’s attempts to enhance the customer experience and efficiency of the federal financial collection system.
The customers’ agreements with federal entities will be given the choice of paying in installments under the partnership. Tabby will make full payments of the fees or fines to the concerned government entity, and the amount will be repaid by the customer within the agreed terms.
The ministry has negotiated a position that guarantees the best commission possible rate, and this rate will be incurred only by the customer in case they opt to use this service to pay their federal service fee and fines.
Assistant Undersecretary for Resources and Budget at the UAE Ministry of Finance, Saeed Rashed Al Yateem, emphasized that the collaboration with Tabby is among the current attempts of the Ministry to embrace modern financial technologies to intensify federal revenue management, and improve customer satisfaction and enable customers to meet their financial obligations to government entities flexibly and securely, which can increase the overall efficiency of the collection process.
He said that “This collaboration represents a paradigm shift in the ongoing modernization of payment systems across federal entities. We are committed to adopting innovative solutions and strategic partnerships that contribute to building an integrated and sustainable financial infrastructure. This initiative will boost our efforts to modernize payment systems through innovation and strategic collaboration.”
The step belongs to the program of the Ministry of Finance to increase the number of electronic payment options, promote financial inclusion, and assist the system of digital transformation in the UAE.
Therefore, the partnership applies to all federal entities, making it more flexible in terms of handling financial obligations.
It also advances the methods of the ministry to initiate innovative digital projects that will streamline the processes, improve the levels of transparency, and unite federal entities through an independent and advanced platform.
CEO and Co-founder of Tabby, Hosam Arab, added that “This partnership marks a significant step forward for Tabby as we continue expanding our services to include the federal government sector. Our mission has always been to provide customers with greater financial flexibility, and we are proud to support the Ministry of Finance in making federal services more accessible across the UAE.”
Such moves would ultimately help in the management and enhancement of federal revenues and integration throughout electronic financial services in an integrated digital system.
