Emirates Development Bank (EDB), the fully-owned UAE Federal Government financial entity, has reaffirmed its commitment to financial inclusion in the Emirates by providing a range of financial solutions and services that help SMEs and startups to grow more profitably.
On the occasion of Arab Day for Financial Inclusion, EDB has restated its ability to empower SMEs through direct and indirect financing, including a credit guarantee program offered in collaboration with nine commercial banks, and digital solutions that ensure entrepreneurs and business owners have secure, comprehensive, round-the-clock banking services to support their operations.
Ahmed Mohamed Al Naqbi CEO – EDB
“There is a clear correlation between financial inclusion and development, and it is critical that businesses, entrepreneurs and SMEs have access to the financing they need to scale, expand and succeed. Under the EDB’s mission to enable the UAE’s economic and industrial agenda, and in line with our commitment to create a supportive environment for business, we offer a patient debt approach with flexible pricing and tailored financing solutions for SMEs, that widen financial inclusion in the UAE. Moreover, our digital banking services enhance the bankability of SMEs– and ultimately sustainability – of this vital sector of the economy. The goals of financial inclusion are also served by our unique evaluation of a company’s eligibility for financing, based on its economic development impact.”
“EDB has developed a proprietary ‘Developmental Impact Scorecard’ that measures the likes of GDP growth, job creation potential, in-country value, economic sector, and existing access to finance, on top of the standard risk and profit calculations, enabling the bank to support projects that offer developmental benefits with flexible financing solutions that may not be available through more traditional banking channels,” Mr. Al Naqbi added.
EDB has launched new services that support financial inclusion, including its digital solution for SMEs and startups, which resulted in more than 1,000 new accounts being created within the first six months of its launch.
“The digital solution allows SMEs and startups to open an account and reserve an international bank account number (IBAN) number in a matter of hours, and facilitates access to secure, convenient, and flexible digital banking services 24×7. In its first six months, over 1000 digital banking accounts have been registered,” as per the statement.
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