Wio Bank is the Middle East’s best digital bank due to its strong performance, growth and impact on the region’s digital banking industry. Since its launch in 2022, Wio has established itself as a key player in the region’s financial ecosystem, offering fully digital and powerful banking solutions for businesses and individuals.
Wio’s success in 2024 was built on its two main platforms: Wio Business for small and medium enterprises (SMEs), and Wio Personal for individual consumers. These platforms further simplified banking, reduced administrative burdens, and offered easy access to core financial services for its customers.
Wio Business has become a preferred choice for SMEs in the UAE, signing over 90,000 customers by the end of 2024. On average, the bank opens 5,000 new business accounts every month. Its digital onboarding process takes less than 10 minutes to complete, and fully opened accounts are typically available within two days – faster than traditional banks. Wio has also expanded its credit offering in 2024 for SMEs, including business credit cards, short-term loans, and POS-based receivables financing to support working capital needs.
Wio Personal, which launched in mid-2023, has also shown strong growth. In just 17 months, it acquired over 140,000 customers, averaging 10,000 new accounts a month. Features include multi-currency accounts, smart savings tools, credit cards, and cashback programmes. Wio has also integrated investment services directly into its app, offering access to global stocks, ETFs, UAE IPOs, and cryptocurrencies.
The bank’s digital infrastructure is a key factor in its success. Wio uses a cloud-native, microservices-based architecture, allowing it to develop and launch new features quickly. In 2024 alone, the bank released over 50 new product updates across its platforms.
Customer satisfaction has been another strong area for Wio. Under chairman Mansour Mohamed AlMulla, it has achieved a net promoter score of 74, well above industry averages. The bank attributes this to its simple fee structure, clear communication and responsive customer service. It has also invested in improving its internal processes, including launching a service optimisation program and enhancing fraud prevention and compliance systems.
Through partnerships with major players such as Microsoft, Visa, Stripe and Mambu, Wio has built a strong ecosystem to support its digital offerings
Wio’s growth has also translated into financial results. It has more than trebled its customer base and seen a quadrupling in deposits and revenues over two years. This growth has made Wio one of the fastest growing and profitable digital banks in the region. It now ranks among the top 10 banks in the UAE by retail and SME deposits.
Through partnerships with major players such as Microsoft, Visa, Stripe and Mambu, Wio has built a strong ecosystem to support its digital offerings. It has also collaborated with local business licensing authorities and government entities to streamline account setup and compliance processes.
By focusing on technology, efficiency and customer needs, Wio Bank has delivered a digital banking experience that meets the needs and expectations of consumers and businesses.
