Ziina UAE is a leading fintech company founded in 2020 with a focus on revolutionizing digital payments across the region. The company offers a user-friendly peer-to-peer payment app that allows users to send and receive money using just a phone number, removing the need for complex bank details like IBAN or SWIFT codes. Licensed by the Central Bank of the UAE, Ziina bridges the gap between consumers and small businesses, providing fast, secure, and simple payment solutions that serve both everyday users and SMEs. This approach has positioned Ziina as a key player in transforming how financial transactions are made in the Middle East.
The Founders and the Beginning
Faisal Toukan, the CEO and Co-Founder, brought startup and fintech experience to the venture, aiming to solve the longstanding challenges in the Middle Eastern payment landscape. Alongside Sarah Toukan and Andrew Gold, he envisioned a platform that would enable anyone to send money as easily as sending a text message. Despite regulatory hurdles in the UAE concerning digital wallets, Ziina aligned quickly with the Central Bank once the Stored Value Facility framework was established in late 2020, becoming the UAE’s first licensed peer-to-peer social payment app.
Building Trust and Security
Trust and security have been central to Ziina’s user adoption. The app employs bank-grade security with end-to-end encryption, ensuring users maintain control over their funds at all times. “Users’ bank account details are only ever stored encrypted, with decryption keys stored solely on the user’s device,” explained Faisal Toukan, emphasizing that the company never accesses users’ funds directly. This robust security framework has helped the app grow steadily in popularity, particularly during the COVID-19 pandemic, when contactless payments experienced a surge.
Growth, Impact, and Achievements
Since its launch, Ziina has processed billions in transaction volume, servicing over 50,000 active users and helping numerous small and medium-sized enterprises (SMEs) accept cashless payments both online and offline. Its payment gateway expanded in 2023 to accept multiple currencies and cater to Arabic-speaking users, broadening its appeal. The startup has raised over $30 million in funding rounds, signaling strong investor confidence in its business model and vision.
Ziina’s ability to make financial transactions effortless has fostered financial inclusion by eliminating barriers like complicated banking details. Individuals use it daily to split bills, pay friends, and manage household expenses, while businesses integrate Ziina’s tools to streamline their payment processes. Faisal Toukan notes, “Ziina aims to be the layer above current infrastructure that solves everyday problems, putting financial services in the hands of every individual in MENA.”
Vision for the Future
Ziina plans to deepen its service offerings by integrating payments for various everyday needs, including cross-border transfers, e-commerce, and investments through third-party partnerships. It aims to expand its footprint throughout the Middle East and North Africa region, driving digital financial adoption with simplicity and security at its core.
Ziina represents a significant step forward in the regional fintech landscape by combining usability, trust, and innovation to facilitate easy financial freedom. Under Faisal Toukan’s leadership, the company continues to reshape how people in the UAE and beyond manage their money, making financial access a right, not a privilege.
