So-called microfinance banks are not small banks, but banks that specialize in micro-enterprises and small start-ups. These are mostly 1-person companies, which are the backbone of many national economies. Microfinance banks are crucial to economies.
Small and Medium enterprises (SME) characterise around 94 percent of the current operating companies across the UAE, capably securing jobs to more than 86 percent of the workforce in the private sector. That said, such financial institutions certainly partake in the UAE’s vision in becoming a diversified economy identified as a global investment hub. Microfinance banks are crucial.
And the winner for 2022 is the ‘Emirates Development Bank‘ (EDB) The press release states: “Emirates Development Bank, one of the key financial engines for the economic development and industrial advancement of the UAE, is pleased to announce its recognition for Best Micro Finance Bank in the Middle East by the Global Banking & Finance Awards.
The Global Banking & Financing Awards is a global and respected institution, honoring the top performers amongst banks and other financial services providers that stand out across certain categories of specialty. Through annually recognising 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.”
EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan; and became operational in June 2015. EDB has performed well as of 9M 2022, as they successfully on-boarded 1,377 customers through its digital banking app and have approved AED 4.4 billion in loans, AED 1.3 billion of those loans went to SMEs in the UAE.
Bases on press release by EDB, selected as relevant, shortend and regrouped by VonNaftali.
VonNaftali/מנפּתלי/ByNaftali 