The UAE’s banking landscape continues to evolve, with a notable increase in ATM availability. As of the first quarter of 2024, the total number of ATMs operated by banks in the UAE reached 4,669, a rise of 15 compared to the previous quarter.
This growth reflects the ongoing technological advancements and structural changes within the country’s financial sector, contributing to improved security and operational efficiency, WAM reported.
According to the latest statistics from the Central Bank of the UAE (CBUAE), the number of locally incorporated banks (excluding investment banks) also saw a slight increase, reaching 23 at the end of March 2024. However, the number of branches operated by these banks decreased to 484.
Electronic banking service units remained stable at 46, while the number of Cash Offices stayed consistent at 21.
The number of GCC banks, including one wholesale bank, remained steady at six, with a corresponding six branches.
Other foreign banks maintained their presence at 21 banks with 66 branches. The number of electronic banking service units and cash offices for these banks also remained unchanged at 21 and 1, respectively.
The CBUAE reported a total of 11 Wholesale Banks, 72 Representative Offices, 17 Finance Companies, and 77 Money Changers operating in the country at the end of the first quarter of 2024.
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