The Central Bank confirmed the existence of new procedures and measures in its current systems that facilitate the access of financial services to the country's population, including the provision of banks bank accounts at low cost without the requirement to transfer a salary, or the existence of a minimum balance.
Financial inclusion
The Central Bank stated in its latest report that over the past three years, it has implemented a number of initiatives to increase financial inclusion.
He added that the current regulations and regulations of the Central Bank involve a set of other measures and measures aimed at facilitating financial inclusion, including specific conditions under which banks provide a basic account with low cost without salary, or minimum balance requirements.
The «Central» stressed that policy makers in the world, including the central bank of the UAE, view financial inclusion as a way to improve the living standards of citizens, reduce poverty, and achieve progress in economic development.
Individual survey
The Central Bank continued: “In order to achieve more financial inclusion, and as part of its strategic goals, the bank conducted a survey of 5,134 residents, aged 15 and over, across the seven emirates, including students, and individuals with low and middle income.”
He pointed out that despite the high percentage of users of financial services, which reached 85%, the survey revealed important information related to the lack of official financial services provided by financial institutions in the UAE, and the inability of individuals to access them.
He explained that the survey showed that 70% of the age group between 15 and 24 years do not have a bank account, pointing out that this percentage drops to 37% in the age group between 25 and 54 years.
He revealed that the survey also showed that 48% of the adult females participating, do not have a bank account, compared to 36% of the adult males participating in the survey.
Formal services
The Central Bank stated that the survey collected information from individuals about their ability to obtain official financial services that are necessary enablers to improve their lives, such as the ability to obtain a bank account, official credit, insurance services, and access and use of money transfer services.
85%
The percentage of users of financial services in the country.