The creation of a government bond market is expected to provide the Central Bank of UAE an additional instrument for managing liquidity. Image Credit: Ahmed Kutty/Gulf News Archives

Dubai: The Dubai Department of Finance (DoF) and Central Bank of the UAE (CBUAE) have signed a Memorandum of Understanding (MoU) aimed at facilitating the payment of fees owed by consumers of Dubai government entities.

The move is aimed at advancing the UAE’s digital transformation strategy for public services.

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The MoU was signed by Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE, and Abdulrahman Saleh Al Saleh, Director General of Dubai Department of Finance.

“This agreement reinforces the UAE’s ambitious journey towards digital transformation. It is a testament to CBUAE’s continuous efforts to effectively contribute to the achievement of this transformation as we aim to support institutions and ensure their services are of the highest standard, agility and efficiency,” said Alahmadi

Direct debit

Government entities in Dubai and their customers will now be able to access CBUAE’s direct debit service to facilitate customer payments through the different banks in the UAE. The service aims to enhance the DoF’s relationship with both parties while ensuring increased efficiency throughout the collection process.

The MoU stipulates the development of a detailed action plan through the identification of common challenges and appropriate solutions in line with the public’s best interest. It also entails the establishment of necessary procedures that ensure a continuous technological connectivity between the two parties.

“This MoU will provide consumers with access to a streamlined payment process as we aim to support the UAE’s strategy towards digital adoption. This achievement is part of our keenness to raise the happiness of customers by improving the quality of the services provided and by offering secure, fast and effective payment channels,” Al Saleh.