Emirates Development Bank (EDB), one of the key financial engines for the economic development and industrial advancement of the UAE, has been named as the Best Micro Finance Bank in the Middle East by the Global Banking & Finance Awards 2022.
The Global Banking & Financing Awards is a global and respected institution, honoring top performers amongst banks and other financial services providers that stand out across certain categories of specialty.
The Best Micro Finance Bank Middle East 2022 award falls under the Micro & SME Banking Awards, further showcasing EDB’s continuous efforts towards the UAE’s economic development and its support for empowering Micro SMEs (mSMEs).
“This award marks a major milestone for EDB and is in line with its strategy and commitment towards the nation’s developmental agenda. mSMEs are slowly becoming the backbone of the UAE’s economy and contribute to the nation’s economic diversification and industrial advancement. We will continue to seek opportunities and partnerships to further enhance the growth of mSMEs in the UAE through partnerships and collaborations, in addition to supporting the UAE’s ambition in becoming one of the most innovative countries in the world and the financial hub of the Middle East and North Africa (MENA) region.”
“Through annually recognizing companies of all sizes and financial institutions which are prominent in specific areas of expertise within the financial industry, the awards have become a trusted standard of excellence for the global financial community,” according to the statement.
As the UAE’s development Bank, EDB provides a wide range of financial solutions specifically tailored to cater to the needs of mSMEs.
EDB launched a microloans service, allowing mSMEs that fall within the bank’s five key priority sectors to apply and receive approval for loans within five days.
To further support both mSMEs and startups to get easy access to opening up bank accounts, EDB launched the Business Banking app in collaboration with YAP, a free centralized digital platform, where businesses can register and receive an IBAN within 48 hours.