HAYAH Insurance Company, the Abu Dhabi-headquartered provider, has expanded access to its Simple Saver online solution, by making it accessible to all UAE residents from just AED 50 per month (about $14).

The company notes that local savers are often put off by high barriers and complex processes. Simple Saver is available online and the low entry "ensures that everyone can work toward building a secure financial future".

Mohamed Seghir (pictured), CEO of HAYAH, said: "Our goal is to empower individuals of all income levels and financial knowledge to begin their savings journey. With our particularly low entry thresholds, we’re staying true to our commitment to inclusiveness and accessibility."

Key Features of Simple Saver include:

  • Low entry ticket: start saving from AED 50 pm - 'save a coffee per week, save for your future'
  • Flexibility: full freedom to withdraw funds at any time
  • Personalisation: ability to adapt investments based on individual risk profile
  • Transparency: clear fee structure that decreases as investment amounts grow to as low as 0.5% for higher balances, with no fixed admin or hidden charges
  • Autonomy: convenient digital access for easy account management

Addressing UAE-Specific Challenges

With over 85% of the population comprising expatriates who have varying lengths of stay, HAYAH’s Simple Saver prioritizes portability and flexibility. Its intuitive online interface also caters to different levels of digital proficiency and includes Shariah-compliant investment options, further enhancing inclusivity.

Seghir said: "Many UAE residents abandon saving due to complex processes and products unsuited to their needs. Simple Saver fills this gap by providing an accessible, flexible, and fully digital solution."

HAYAH notes the product is achieving the desired objectives to broaden access to simple savings in the jurisdiction, including:

  • 72% of users report saving regularly for the first time
  • 68% of users are middle-income expatriates who had never invested before

Seghir added: "These figures confirm our belief that democratizing access to savings is essential for the financial stability of UAE residents."