In a move to solidify the UAE's position as a global financial hub, the Central Bank of the UAE (CBUAE) has organized the 1st National Financial Inclusion and Literacy Policy Forum in Abu Dhabi. This event is marked as the first step to launch the National Financial Inclusion Strategy and the National Financial Literacy Strategy.

The Forum was attended by H.E. Khaled Mohamed Balama, Governor of the CBUAE; H.E. Younis Haji Al Khoori, Undersecretary of Ministry of Finance; H.E. Hamid Al Zaabi, Secretary General and Vice-Chair of the UAE National Committee for Combatting Money Laundering and the Financing of Terrorism and Illegal Organisations; H.E. Mohamed Bin Taliah, Chief of Government Services of the UAE; H.E. Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE; H.E. Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE. Senior officials and representatives of various federal and local entities, the financial sector and international financial institutions have also attended the forum.

The forum was organized in line with the CBUAE's efforts to achieve the UAE's sustainable development goals, the CBUAE's objectives to enhance financial inclusion and awareness, and broadening access to financial services for all society sectors to foster sustainable economic growth.

The financial inclusion and literacy strategies aim at empowering consumers, small and medium enterprises, and underbanked people through targeted initiatives and tailored educational programmes. These strategies will also focus on building an innovative financial ecosystem based on digitalisation and technological solutions to ensure equality and easy access to financial services by all community sectors. The development of these strategies will be rooted in thorough specialized studies and in-depth research, with the participation of federal and local government entities, private sector and community members, ensuring coordinated and integrated efforts throughout the development and implementation phases.

With the goal of aligning both strategies with international best practices, the CBUAE and the World Bank have signed a partnership agreement aimed at enhancing joint cooperation in the formulation of both national strategies and the exchange of technical expertise.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, and H.E. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, witnessed the signing ceremony. The agreement was signed by H.E. Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, and Ms. Safaa El Tayeb El-Kogali, World Bank's Country Director for the GCC Countries, in the presence of senior officials from both organisations.

H.E. Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, said: “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. This entails the widening of reach to financial services to encompass all societal groups and enhancing the financial infrastructure. H.E. added: "At CBUAE, we are committed to developing effective partnerships with global financial institutions, notably the World Bank. We are dedicated to promoting initiatives that improve financial literacy and engagement by all society segments within the financial ecosystem. These endeavours are instrumental to build a prosperous society, thereby cementing the nation's prominent standing as a global financial hub.”

Ms. Safaa El Tayeb El-Kogali, World Bank's Country Director for the GCC Countries, said: “the Financial inclusion fosters economic growth and employment, promotes economic empowerment of women and supports entrepreneurship and business growth.” She added: “Through innovation and partnerships, the World Bank has supported over 100 developing countries in advancing financial inclusion. Today, we are excited to collaborate with the Central Bank of the UAE to develop strategies that enable every individual in the UAE to fully engage in the financial system and make informed financial decisions.”