The UAE is currently well underway on initiatives to implement a financial market infrastructure that will enable instant payments in the country, the Central Bank of the UAE said.
The move is part of the nation’s efforts to “support the transformation of the payment landscape in the UAE,” the regulator said in a statement.
UAE officials discussed the importance of the consumer protection framework. This included complaints management, and discussed the planned establishment of an Ombudsman unit named Sanadak.
Sanadak will be a consumer complaint resolution mechanism in the Middle East region that provides easy access and quick turnaround for resolution of consumer complaints.
The Central Bank also highlighted the progress of Emiratisation initiatives that seek to increase the number of Emiratis employed in the banking sector this year, in line with the UAE national agenda.
“We at the Central Bank are keen on holding these periodic meetings with the bank CEOs to discuss the updates and initiatives that would enhance the banking sector and support the transformation of the UAE’s financial infrastructure, to be among the best central banks and financial systems globally,” CBUAE governor Khaled Mohamed Balama said.
Balama added: “We also appreciate role of banks in the development of the sector as they welcomed the initiatives discussed during the meeting.”
UAE’s payment landscape has changed ever since the coronavirus pandemic in 2019, paving the way to buy now, pay later schemes, digital wallets, digital banking and even contactless card payments across all brands and businesses in the UAE.
Government entities have particularly adapted to digitalisation through smart payment channels to ease payment of fees for government services.
Today, federal ministries and local entities facilitate electronic payment and mobile payment in a secure cyber environment.
Customers can make payments for bills, traffic fines, transport top-up cards, through the UAE government’s mobile apps.
“The UAE banking system has remained resilient throughout the pandemic, with a broad-based and robust recovery evident across key banking system indicators during 2022,” the regulator said.
The central bank also added: “The CBUAE introduced comprehensive support measures throughout the pandemic and a well-sequenced exit strategy that balanced between a gradual lifting of emergency measures and continued support of the recovery.”
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