UAE Central Bank partners with Dubai Department of Finance to facilitate user payments

The Central Bank of the UAE joined forces with Dubai’s Department of Finance to help Dubai government entities to digitise fee payments owed by the consumers of Dubai government entities.

As part of the agreement, government entities in Dubai and their customers can now access the central bank’s direct debit service to facilitate customers’ payments through different banks in the UAE.

This agreement will “advance the UAE’s digital transformation strategy for public services”, the central bank said in a statement on Monday.

“This agreement reinforces the UAE’s ambitious journey towards digital transformation,” the central bank’s governor Abdulhamid Alahmadi said.

“It is a testament to CBUAE’s continuous efforts to effectively contribute to the achievement of this transformation as we aim to support institutions and ensure their services are of the highest standard, agility and efficiency.”

The digital economy was made up 4.3 per cent of the UAE’s gross domestic product in 2019 and the government is aiming to double that.

The UAE was ranked 14th in digital competitiveness globally this year, according to a survey from IMD Business School released last week. The country emerged as the key regional digital hub due to improvements in regulation for tech development and access to capital.

The agreement also approvesthe development of a detailed action plan through the identification of common challenges and appropriate solutions in line with the public’s best interest, the central bank said.

“This MoU will provide consumers with access to a streamlined payment process as we aim to support the UAE’s strategy towards digital adoption,” Dubai DoF’s director general Saleh Al Saleh said.

“This achievement is part of our keenness to raise the happiness of customers by improving the quality of the services provided and by offering secure, fast and effective payment channels,” said Mr Al Saleh.