UAE Banking Sector Expands with 15 New ATMs and One New Local Bank in Q1 2024

The aggregate number of ATMs of banks operating in the UAE increased by 15, reaching 4,669 ATMs at the end of Q1 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

The increase in ATMs in the UAE reflects the rapid technological and structural developments in the country's banking and financial sector and contributes significantly to enhancing security and operational efficiency.

At the end of the first quarter of 2024, the number of locally incorporated banks (excluding investment banks) increased by one bank to reach 23 banks. The branches of the locally incorporated banks decreased to five branches, reaching an aggregate of 484 branches at the end of March 2024.

The number of electronic banking service units of banks remained constant at 46 units at the end of Q1 2024. Similarly, the number of Cash Offices remained constant at 21 Cash Offices at the end of March 2024.

The number of GCC banks continue to remain steady at the end of the first quarter of 2024 at six banks, plus one wholesale GCC Bank. The branches of these banks also remain constant at six branches at the end of March 2024.

The number of other foreign banks stood at 21 banks with 66 branches, while the number of electronic banking service units of the banks persisted at 21 units at the end of Q1 2024. The number of cash offices of banks remained consistent at one cash office during the first quarter of 2024.

The number of financial institutions licensed by the Central Bank, i.e., Wholesale Banks, Representative Offices, Finance Companies and Money Changers reached 11, 72, 17 and 77, correspondingly, at the end of Q1 2024.

News Source: Emirates News Agency