CBUAE and World Bank agree financial inclusion partnership

The CBUAE signed a strategic partnership with the World Bank Group recently as the two bodies look to enhance cooperation on financial inclusion, financial literacy and dispute resolution.

Marie Chowdhry, a financial regulation expert with Pinsent Masons in the UAE, said the agreement highlighted the country’s ongoing focus on consumer protection and inclusion as part of its financial sector strategy.

“For regulated firms, the collaboration is likely to translate into heightened expectations around customer outcomes, particularly in areas such as transparency, financial literacy, and dispute resolution,” she explained.

“The reference to digital fraud prevention is also notable, suggesting that the CBUAE is increasingly linking financial inclusion efforts with consumer risk mitigation in a digitalised financial environment."

The CBUAE is currently developing a national financial literacy strategy for the UAE, aimed at enhancing awareness among individuals and businesses to promote a more sustainable and inclusive economic system in the country.

The agreement comes ahead of Abu Dhabi hosting the second edition of a regional summit on financial health and inclusion this September, with the banks discussing how to work together on areas around financial literacy, digital fraud prevention and insurance dispute resolution mechanisms.

Jessica White, a financial regulation expert with Pinsent Masons in Dubai, added: “We expect this initiative to support the development of more structured frameworks around financial education and conduct supervision, drawing on international best practice through the World Bank’s involvement.

“Firms operating in the UAE should therefore consider how their consumer protection, disclosures, and financial literacy initiatives align with evolving regulatory priorities, and whether enhancements may be required to meet expectations.”