The technological and structural advancements in the UAE financial sector continue to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the Central Bank of the UAE (CBUAE).
“Owing to the widespread implementation of technology throughout the economy, the UAE financial system is more secure and efficient than ever before,” the CBUAE said in its Q4 2023 report.
CBUAE said the number of locally incorporated banks – excluding investment banks – remained constant at 22 banks in the last quarter of 2023.
The branches of these locally incorporated banks decreased to 489 branches at the end of December 2023.
Similarly, the number of electronic banking service units of these banks fell to 46 units at the end of the fourth quarter of 2023 while the cash offices in the country remained at 21.
GCC banks operating in the UAE remained six together with one wholesale bank. The branches of these banks also remained six as of December 2023. The number of foreign banks operating in the Emirates stood at 22 banks with 66 branches.
The number of electronic banking service units of these banks persist at 21 units at the end of the fourth quarter of 2023. The number of cash offices of these banks stood consistent at one cash office during the fourth quarter of 2023.
The number of financial institutions licenced by the UAE central bank – wholesale banks, representative offices, finance companies and money changers reached 11, 71, 17 and 74, respectively bringing the total to 173.
