UAE - Financial inclusion covers 85% of adults
Thursday, 06 11 2020, Category: Economy, Country: U.A.E
To achieve higher financial inclusion and as part of its strategic objectives, the Central Bank of the UAE, CBUAE, has conducted a survey of 5,134 resident individuals, aged 15 years and above across the seven Emirates in the UAE, including students and low and mid-income individuals.
The survey reveals that 85 percent of adults, aged 15 years and above, are users of at least one formal financial service, while 15 percent have no access to formal financial services, or in other words "financially excluded".
The survey aimed to gather inputs to enable the CBUAE to design and implement a comprehensive strategy to increase the degree of financial inclusion in the UAE.
The survey collected information from individuals on their access to formal financial services that are deemed essential enablers to improve their livelihood, such as access to bank account, access to formal credit, access to insurance services, and access and use of money transfer services (remittances).
Source: Emirates News Agency