Business Bank Account and Bill Pay

The Pemo Business Account is a full UAE business bank account with its own IBAN, held in your company's name and provided by ruya, a UAE-licensed, Shari'ah-compliant community bank. Pemo is not a bank; it is the platform you run your account through, combining banking with the financial tools your business already uses.

The account is built for UAE SMBs that want more than a place to park money. You can receive payments from customers locally and internationally, pay vendors end to end with Bill Pay, Pemo's built-in accounts payable automation, make transfers, top up your Pemo corporate cards, and earn an expected profit of up to 3.75% per annum on idle funds through Shari'ah-compliant Wakala deposits. Everything runs inside the Pemo web and mobile apps, with maker-checker controls, fraud detection, and a full audit trail protecting every payment.

Opening an account takes as little as 1 to 3 business days once your documents are in, with no branch visits, no opening fee, and no minimum balance. This FAQ covers how the account works, what it costs, and how to get the most out of it.
​

Is Pemo a bank? No. Pemo is a financial technology platform, not a bank. Banking services and your business bank account are provided by ruya, a UAE-licensed, Shari'ah-compliant community bank. Your account is a real UAE business bank account held in your company's name, with its own IBAN. Pemo provides the platform on top: accounts payable automation, approvals, corporate cards, and ERP sync.

Who is ruya? ruya is a UAE-licensed, Shari'ah-compliant Islamic bank. Its full legal name is Ruya Community Islamic Bank L.L.C., registered as an Islamic Specialized National Bank based in Ajman, with license number 01.01.08.067.2024.04 according to the Central Bank of the UAE registry.

Do I need a separate ruya app? No. Everything happens inside Pemo's web and mobile apps. You never interact with ruya directly, and you see all your balances in one place.

Is the account Shari'ah compliant? Yes. The account and the Wakala deposit are provided by ruya, a Shari'ah-compliant Islamic bank.

What is the difference between the Business Bank Account and the Card Wallet? The Business Bank Account is where your company's main money lives: you receive payments into it, pay vendors from it, make transfers, and earn profit on idle funds. The Card Wallet is a separate prepaid pool used only to fund your Pemo corporate cards. You can move money from the Business Bank Account into the Card Wallet at any time. Money cannot move back from the Card Wallet to the Business Bank Account.

Are my Pemo cards linked to the Business Bank Account? No. Pemo cards are funded from the separate Card Wallet. To top up your cards, you transfer money from the Business Bank Account to the Card Wallet inside the app, or from any external business bank account in your company's name, as you do today.

How long does it take to open an account? Typically 1 to 3 business days once all required documents are received. No branch visits, no lengthy paperwork cycles that businesses often face with traditional UAE banks.

Do I need an existing corporate bank account to qualify? No. You can open your first business bank account with Pemo. Bank statements are optional during onboarding, and documentation requirements are assessed case by case by Pemo's and ruya's compliance teams.

Why do I need to submit documents? A business bank account is a regulated product, and the Central Bank of the UAE requires this documentation. Our compliance team guides you through the process and keeps it as light as possible.

Is there a minimum or maximum balance requirement? No. There is no minimum balance, no maximum balance, and no account opening fee.

How do I fund the account? Transfer money to your Pemo IBAN from any bank account, or start receiving payments from your customers directly into it. Funds can come from your own accounts, your customers, or your parent company, locally or from international sources.

Can I receive payments from my customers? Yes. Share your IBAN with your customers and they pay you directly into the account, exactly as with any UAE bank account.

Can I receive transfers from non-UAE accounts? Yes, you can receive payments from international sources.

Can I only receive payments from business accounts? No. You can receive payments from personal or business accounts, as long as the funds are from legitimate sources and for legitimate business use.

How fast are outgoing transfers? Local transfers run on Aani, the UAE instant payment network, and transfers below AED 50,000 typically arrive within minutes during business hours. Some transfers may see short delays if they pass through standard compliance checks.

Can I pay international vendors? Not yet. The account currently supports AED transfers within the UAE. International payments are on the roadmap.

What is a Wakala deposit? Wakala is a Shari'ah-compliant arrangement where you appoint the bank as your agent to invest your funds, and your money earns an expected profit instead of interest. It is the Islamic banking equivalent of a fixed deposit. With Pemo, you move idle funds from your Business Bank Account into a Wakala deposit with ruya in a few clicks.

How much profit can I earn? Up to 3.75% expected profit per annum, depending on the tenor you choose:

Rates are as per ruya's terms and conditions. Profit is paid at deposit maturity.

What are the minimum and maximum deposit amounts? Minimum AED 5,000, up to AED 5,000,000.

How long does my money have to stay in the deposit? You choose the duration, from as short as overnight (1 day) up to 12 months.

Can I withdraw part of my deposit early? No, partial redemption is not possible. You can terminate a deposit early, but you will not earn the profit on it.

What is Bill Pay? Bill Pay is the accounts payable layer built into your account. Upload an invoice by photo, file, or email forwarding, and Pemo's AI extracts the details. The bill routes through your approval policy, and once approved, the payment is authorized and executed directly from your Business Bank Account. The vendor is automatically notified by email once paid.

Who can upload bills? Anyone you allow: team members, accountants, and admins can all upload bills. Preparing a payment and releasing it are always kept separate.

Who authorizes payments? Your company's POA (Payment Order Authorizer). This is the single person in your company, typically the owner or an authorized signatory, who has the authority to release money from the account. Every payment they authorize requires a one-time SMS code.

Can we pay many bills at once? Yes. Batch payments let you submit multiple approved bills together, and the POA releases the entire batch with a single authorization. One click, several invoices paid.

Can we split a bill into partial payments, for example 60/40 payment terms? Not yet. Partial payments are on the roadmap.

Does it work with my accounting software? Yes. Pemo exports automatically to QuickBooks, Zoho, and Xero. Once a bill is paid in Pemo, it syncs to your ERP and is marked as paid.

Who sets the approval rules? Admins and accountants set Bill Pay approval policies in your company settings, the same way card expense, reimbursement, and card creation policies are set up today.

What does the account cost? The subscription is AED 200 per month, currently discounted to AED 99 per month. The first 100 companies get a free subscription until the end of 2026.

What do transfers cost? AED 0.50 per local transfer, all-in (AED 0.47 fee plus AED 0.03 VAT). This is one of the most competitive local transfer rates in the market, with no minimum deposit or balance requirements.

Are there account opening fees? No. No opening fee, no minimum balance.

How is my money protected? Your money sits in a regulated UAE bank account in your company's name with ruya. Inside Pemo, multiple layers of control protect every dirham: every payment requires a one-time SMS code from your POA, no single person can both prepare and release a payment (the same maker-checker principle used in corporate banking), automatic fraud checks flag duplicate bills, first-time vendor payments, and IBAN mismatches before any money moves, and every action is logged in a full audit trail.

Can anyone on my team move money? No. Only your designated POA can release funds. Team members and accountants can prepare payments, approvers can approve bills, but none of them can move money.

What new features are coming soon? In Q3: salary payments (WPS), scheduled payments, e-invoicing, payment links for receiving money, standalone transfers to any beneficiary, and inter-company transfers between your own accounts. International payments and partial payments are also on the roadmap.