Dubai-Mubasher: The UAE Banks Federation said a memorandum of understanding (MoU) was inked by all 16 UAE banks in the entity to operate the mWallet platform, according to a statement.
The platform is the financial component of the UAE Government’s Smart Government initiative.
One of the facility’s key objectives is "the financial inclusion of the unbanked segment of the population, who will benefit from access to basic financial services, such as receiving funds or making payments", the statement added.
The project plan calls for a phased implementation with first the replacement of cash payments between any two parties followed by transfers and offering the mWallet service to tourists and visitors to the UAE.
The 16 equity partner banks include National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Mashreq Bank, Dubai Islamic Bank (DIB) and Commercial Bank of Dubai (CBD).
