UBF and CBUAE encourage customers to use online banking services
Abu Dhabi (March 19th, 2020): The Central Bank of the UAE (CBUAE) with the support of UAE Banks Federation (UBF) strongly encourages banking customers to take advantage of digital and online banking services as a measure to protect the health and safety for UAE residents. CBUAE and UBF recommendations are urging citizens and residents in the country to practice social distancing. CBUAE & UBF reassures customers of the continuity of banking services in the country during times of uncertainty amongst UAE citizens and residents. This reminder is also meant to ease the volume of calls at call centers as more people handle their banking needs remotely.
These are very important Tips to follow: • Online and digital banking: Sign up to online banking and the mobile app. They are the simplest ways you can securely manage your money, anywhere, anytime. • Know your log-on details: if you’ve forgotten your details, you should be able to retrieve them in a few simple steps • Use contactless and mobile payments: you should be able to use a contactless payment device in most shops, which means you don't have to touch the payment terminal or exchange cash. Or link your debit/credit cards to your smartphone or device to make mobile payments. • Talk to your bank directly • Stay alert: fraudsters may try to take advantage of the current situation, so make sure you’re on the lookout for anything suspicious, including messages about Coronavirus claiming to be from your bank. Remember, we’ll never ask you for your full PIN or password or ask you to move money from your accounts.
Financial institutions in the UAE are well-capitalized and are in a strong position to support customers that have been affected by Covid-19 with the comprehensive Targeted Economic Support Scheme that was recently announced by the Central Bank of UAE. The AED 10B is in place to instill confidence and improve the business environment for retail and corporate customers. H.E. Mubarak Rashed Al Mansoori, Governor of Central Bank of UAE said: “Following our leadership directives, our number one priority is your safety of and each one of us has a responsibility to take steps to mitigate the effect of the spread of Covid-19. We and the financial institutions stand strong to serve the community through multiple digital channels and contact centers. Banking operations thus fur continue to operate normally with some banks effectively implementing remote working. we continue to monitor the situation and will take necessary measures as needed”. "H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “The worldwide outbreak of COVID-19 has created significant challenges to society. Although the UAE banking sector has not seen any significant pressure at this stage, to maximize efficiencies and reduce the spread of the virus we encourage all customers to use digital channels to conduct their banking. The safety and well-being of customers and employees is our highest priority, and we must remain vigilant during these times of heightened concern. As an industry, we are well-positioned to face any obstacles that lie ahead, and help the economy navigate through the temporary difficulties we are facing.”