Ministry of Finance signs MoU with Central Bank of the UAE to transfer the Ministry’s e-Dirham Platform to the Central Bank

As part of its efforts to enhance service standards provided by government entities, and to provide new and advanced electronic payment solutions to keep pace with the digital transformation in the financial services sector, the Ministry of Finance and the Central Bank of the UAE (CBUAE) today signed a memorandum of understanding (MoU) to transfer the Ministry’s eDirham payment platform to the Central Bank, unifying the Federal Government’s digital payment systems.

The MoU was signed by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs and H.E. Khalid Mohamed Balama, Governor of the CBUAE. It aims to provide a mechanism to transfer all assets, systems and operations relating to e-Dirham payments, providing innovative national services to the public and business sectors.

H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said: “Enhanced co-operation and unified efforts in the area of digital payments would increase efficiency and provide unprecedented access for the business sector and digital payments. It would also provide domestic and international investment opportunities in an advanced digital economy and facilitate development of innovative payment solutions, for dealing with the retail and government sectors through smart digital solutions.”

H.E. Khalid Mohamed Balama, Governor of the CBUAE, said: “Co-operation between the two parties will contribute to strengthening digital payment services in the country, and support efforts made in the context of the great development the UAE is witnessing in the area of enhancing digital services to businesses and individuals, and improving quality of life.”