CBUAE Organises Inaugural National Financial Inclusion And Literacy Policies Forum In Abu Dhabi

The Central Bank of the UAE (CBUAE) has initiated a significant step to enhance the UAE's status as a global financial centre by hosting the 1st National Financial Inclusion and Literacy Policy Forum in Abu Dhabi. This event marks the beginning of efforts to implement the National Financial Inclusion Strategy and the National Financial Literacy Strategy.

Key figures at the forum included Khaled Mohamed Balama, Governor of CBUAE, and Younis Haji Al Khoori, Undersecretary of the Ministry of Finance. Other notable attendees were Hamid Al Zaabi, Secretary-General for Combatting Money Laundering, and Mohamed Bin Taliah, Chief of Government Services. The forum also saw participation from senior officials across various sectors.

The strategies aim to empower consumers, small businesses, and underbanked individuals through targeted initiatives. Educational programmes will be tailored to meet these needs. The focus is on creating an innovative financial ecosystem that leverages digitalisation and technology to ensure equal access to financial services for all community sectors.

Fatma Al Jabri from CBUAE stated, "The formulation of two strategies for financial inclusion and financial literacy marks a crucial advancement towards fulfilling the leadership's vision to bolster financial and economic stability and elevating social welfare in the UAE." She emphasised expanding access to financial services for all societal groups.

A partnership agreement between CBUAE and the World Bank was signed to align these strategies with international best practices. This agreement aims to enhance cooperation in formulating national strategies and exchanging technical expertise. Fatma Al Jabri signed on behalf of CBUAE, while Safaa El Tayeb El-Kogali represented the World Bank.

Safaa El Tayeb El-Kogali remarked, "The financial inclusion fosters economic growth and employment, promotes economic empowerment of women and supports entrepreneurship and business growth." She highlighted the World Bank's support for over 100 developing countries in advancing financial inclusion through innovation.

Strategic Development Goals

The forum aligns with CBUAE’s objectives to achieve sustainable development goals by enhancing financial inclusion and awareness. It seeks to broaden access to financial services across society sectors, fostering sustainable economic growth. These efforts are rooted in specialised studies involving federal entities, private sectors, and community members.

Khaled Mohamed Balama witnessed the signing ceremony alongside Younis Haji Al Khoori. The collaboration aims at building effective partnerships with global institutions like the World Bank. Such initiatives are vital for improving financial literacy and engagement within the UAE's financial ecosystem.

The development process involves thorough research with input from government entities, private sector participants, and community members. This ensures coordinated efforts during both development and implementation phases. By focusing on digital solutions, these strategies aim for equality in accessing financial services across all community sectors.

With inputs from WAM