Abhi UAE - Your Salary Now!

Abhi UAE

About this app

ABHI is a registered organization within the UAE and are dedicated to ensure secure and safe access to our users without any lending or predatory practices. ABHI is registered with the DIFC (Dubai International Financial Sector) and also have an NOC by the central bank of UAE to offer Earned Wage Access (EWA) in the UAE. This app is exclusively for workers based in the UAE with a valid UAE emirates ID, no matter which country they are from.
EWA as a concept is giving access to employees of a portion of there accrued salary on behalf of their employers. The objective of this product is to financially empower workers without any lending, but in fact by simply giving them access to there own earned money. Therefore, EWA is not liability, hence it is not loan, yet it is the accrued income, hence it is guaranteed receivable by the employer.
For example, if an employee has a monthly salary of 10,000 AED, this means that by the mid of month, he has already earned 5000 AED, this is the amount accrued to the employee onboarded on our platform by the employer, who offers EWA as a service to the employees. Therefore, if the employee withdraw a portion of the accrued salary, for example, 2000 AED from the 5000 AED salary that is already earned, ABHI transfer the amount to employee bank account on behalf of the employer. The employer at the end of the month transfers the remaining balance (such as 8000 AED) in the employee salary account.
EWA is a flat fee service product attributed to the employer, therefore it is up to the employer to either deduct the salary fee from employee salary (for example 8,000 - 50 = 7,950 AED OR provides full salary and cover the service fee himself. A detailed example is as follows.
Employee monthly salary = 10,000 AED
Current day of the salary period = 15th
Accrued salary = 10000 * 15 / 30 = 5000 AED
Employee withdrawal on current day = 2000 AED
Remaining balance = 3000 AED
If the employee does not withdraw any further amount, at the end of the month, it will be as follows
Employee monthly salary = 10,000 AED
Current day of the salary period = 15th
Accrued salary = 10000 * 30 / 30 = 10000 AED
Employee withdrawal during payroll period= 2000 AED
Remaining balance = 8000 AED
Flat service fee = 50 AED
Should employee and the employer agreed for service fee to be deducted from employee salary, the final settlement amount for the employee will be
Salary settlement amount = 8000 - 50 = 7,950 AED
NOTE:
- As EWA is not a loan, therefore there is no APR applicable. Its a flat service fee per transaction.
- The repayment cycle is one payroll cycle, since wages are accrued on daily basis, weekly basis, bi-weekly basis or monthly basis (at most).
- The repayment will be made by employer to Abhi as per the contractual publication between 2 parties.