Financial inclusion is vital for comprehensive economic growth and for expanding the reach of financial services to every social segment, thereby strengthening the monetary foundation.
On Arab Day for Financial Inclusion, the spotlight is on promoting savings to enhance financial inclusivity, leveraging research indicating its role in economic resilience and growth. Tailored savings instruments cater to individual needs, ensuring accessibility to financial services for all, with particular benefits for women and small businesses.
Younis Haji Al Khoori, MoF Under-Secretary, emphasized the UAE's commitment to financial inclusion through access to beneficial financial products and services, aligned with its vision for a cashless society. He stressed the role of digital infrastructure and policies in advancing financial inclusion, supporting digital financial services for small enterprises, and minimizing costs through global digital transfer practices.
Modern Technologies
The UAE prioritizes advancing financial technologies, integrating digital solutions, and fostering collaboration with key financial sector players to promote financial inclusivity and access to savings accounts. Efforts focus on streamlining payment systems, reducing transfer costs, and enhancing digital transfers' efficacy through collaboration with the Central Bank. The ministry works to raise awareness of financial inclusion objectives among local stakeholders, emphasizing digital inclusion, SME growth, and financial literacy. Additionally, the UAE advocates for financial inclusion strategies within the G20 framework, demonstrating its commitment to global cooperation in this regard.
International Efforts
Since joining the Global Partnership for Financial Inclusion (GPFI) in 2020, the UAE has actively participated, becoming a member in 2021 and aligning with the G20’s High-Level Principles for Digital Financial Inclusion. Led by the Ministry of Finance under Saudi Arabia's G20 presidency, the UAE has significantly influenced financial inclusion strategies within the GPFI. In 2023, the UAE launched a program to transform its financial infrastructure, leveraging digital transformation to enhance financial inclusion and cross-border cooperation. Initiatives include partnerships for improved financial transfer pathways and participation in regional systems like the GCC-RTGS and BUNA. Prioritizing micro, small, and medium enterprises (MSMEs), the ministry advocates for inclusive policies, scalable innovations, and financing solutions to support MSME growth.
Achievements
The Ministry has made significant strides in advancing financial inclusion, securing consecutive invitations to serve as a non-G20 member in the GPFI from 2021 to 2023 and extending to 2024 to 2026. In 2023, the UAE introduced 23 case studies showcasing innovative financial products for SMEs, earning praise from the Small and Medium Enterprises Financing Forum. The ministry's efforts have garnered global recognition for presenting best practices within the private sector and leading regulatory projects in free zones and institutions like the Abu Dhabi Global Market.
News Source: Emirates News Agency
