UAE: Financial inclusion rate stands at 85%
Source: Middle East Insurance Review | Jul 2020
The majority (85%) of UAE residents, aged 15 years and above, are users of at least one formal financial service, while 15% have no access to formal financial services, according to a survey by the Central Bank of the UAE (CBUAE).
To achieve higher financial inclusion and as part of its strategic objectives, the CBUAE conducted a survey of 5,134 resident individuals across the seven emirates in the UAE, including students and low- and mid-income individuals, reported Emirates News Agency.
The survey aimed to gather input 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).
Notwithstanding the relatively high degree of users of financial services (85%), the survey revealed important information regarding individuals’ access/usage, or lack, of formal financial services offered by financial institutions in the UAE. M