Bahrain-based Ebdaa Microfinance has commended the kingdom's Labour Market Regulatory Authority and the  Central Bank of Bahrain and the private sector for its key initiative that will see the duo issue International Bank Account Numbers (Iban) for all expats arriving into the kingdom.

 

Under the key initiative, which began early this month, the Ibans are being given to these workers at the Bahrain International Airport itself.

 

This will enable more individuals to access valuable and sustainable financial services, facilitating easier salary payments, fund transfers, and various financial transactions. 

 

Additionally, expatriates will benefit from a wide range of banking services, including deposits, loans, and bank cards.

 

Ebdaa Microfinance Company CEO Dr Khaled Al Ghazzawi, while emphasising the significance of the new LMRA initiative, said it will significantly enhance financial inclusion in the kingdom by increasing the number of expatriates with bank accounts. 

 

"We are set to integrate thousands of new bank accounts into Bahrain's financial system. This will have a positive impact not only on the account holders but also on the Bahraini banking sector as a whole. It will increase efficiency and transparency, reduce cash circulation, and accelerate digital transformation efforts in financial and banking services," stated Dr Al Ghazzawi.  

 

"Drawing from our experience in Ebdaa Company, we underscore the importance of financial inclusion in reaching underserved segments, such as women and youth, who are often overlooked by traditional banks and financial institutions," he noted. 

 

Dr Al Ghazzawi pointed out that by providing innovative and sustainable financial services and loans, Ebdaa empowers these groups to start their own businesses, thereby increasing their income, improving their standard of living, and creating new job opportunities for their family members. 

 

This, in turn, enhances community quality of life, boosts economic growth, and contributes to the achievement of sustainable economic development goals, he added.-TradeArabia News Service