UAE Banks' ATM Count Rises To 4,669 By End Of First Quarter 2024

The total number of ATMs in the UAE rose by 15, reaching 4,669 at the end of Q1 2024, as per the Central Bank of the UAE (CBUAE). This increase highlights the ongoing technological and structural advancements in the nation's banking sector, enhancing both security and operational efficiency.

By March 2024, locally incorporated banks (excluding investment banks) increased by one, totalling 23. However, their branches decreased by five, resulting in 484 branches. The number of electronic banking service units remained steady at 46 units during this period.

The number of Cash Offices also stayed constant at 21 by the end of March 2024. These figures indicate a stable yet evolving banking infrastructure within the country.

GCC banks maintained their numbers with six banks and one wholesale GCC bank at the end of Q1 2024. Their branch count remained unchanged at six. Other foreign banks also showed stability with 21 banks operating through 66 branches.

The electronic banking service units for these foreign banks persisted at 21 units, while cash offices remained consistent with one office throughout Q1 2024.

Licensed Financial Institutions

The Central Bank licensed various financial institutions by the end of Q1 2024. These included Wholesale Banks (11), Representative Offices (72), Finance Companies (17), and Money Changers (77). These numbers reflect a diverse and robust financial ecosystem within the UAE.

This data underscores the dynamic nature of the UAE's financial sector, marked by both growth and stability across different types of banking institutions and services.

With inputs from WAM