UAE: More residents opening digital bank account, says report

UAE: More residents opening digital bank account, says report

Neobanking adoption is set to grow in the UAE with more than one-third of residents having a digital bank account in 2023, says a new study.

The number of adults in the UAE with a neobank account grew to 19 per cent this year, up from 17 per cent in 2021. While an additional 15 per cent plan to open a neobank account within 12 months, taking adoption to a forecasted 34 per cent in 2023, according to an online survey of 1,015 internet users released by finder.com, the UK-based comparison platform.

Currently, there are a number of digital banks operating in the UAE with some of them launched by traditional lenders. These include Mashreq Neo by Mashreqbank, Liv by Emirates NBD, Yap by RAK Bank, Amwali by Abu Dhabi Islamic Bank and digital banks Al Maryah Community Bank and Zand among others.

Elizabeth Barry, global fintech editor, Finder, said that two in five adults could have a neobank account by 2027.

“In addition to the 15 per cent who plan to open an account within a year, a further 7 per cent of adults in the UAE said they were planning to open an account by 2027. This means 41 per cent could