International Finance

UAE banks provide 98% of services digitally amid coronavirus outbreak

UAE banks coronavirus
A study also revealed that digital banking users significantly increased to 90%

Banks in the UAE are providing around 98 percent of their services digitally, in order to curb the spread of the novel coronavirus, according to media reports.

A study carried out by the Federal Competitiveness and Statistics Authority (FCSA) highlighted an increase in the number of users of digital banking services to 90 percent.

Under the direct instructions of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, banks in Abu Dhabi have started launched a set of initiatives to help individuals and businesses cope with the slowdown caused by the outbreak of the novel coronavirus.

Reportedly, First Abu Dhabi Bank, Abu Dhabi Commercial Bank Group and Abu Dhabi Islamic Bank in coordination with the Abu Dhabi Department of Finance and Department of Economic Development have put together 17 financial initiatives for individuals and small and medium-sized enterprises (SMEs).

Some of these initiatives are payment deferral of three months for retail loans of affected customers with zero charges and interest waived for the deferral period, payment deferral of one month for customers with home loans and mortgage loan, reduction in banking charges by 50 percent on early settlement of loans, reduction of late payment charges by 50 percent and full refund of processing fees for foreign currency credits on cards for due to the cancellation of travel plans.

Recently, the Central Bank of the UAE also encouraged the citizens of the country to take advantage of digital and online banking services as a measure to curb the spread of the novel coronavirus and protect the health and safety of UAE residents.

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