IBAN Allocation for Expatriates Boosts Financial Inclusion in Bahrain

Ebdaa Microfinance Company CEO, Dr. Khaled Al-Ghazzawi, highlighted the significance of the initiative launched by the Labour Market Regulatory Authority (LMRA) in collaboration with the Central Bank of Bahrain (CBB) and the private sector in August. The initiative involves issuing International Bank Account Numbers (IBAN) for expatriate workers arriving in the Kingdom through Bahrain International Airport. 

The integration of new bank accounts is expected to have a positive impact on Bahrain’s banking sector and account holders while accelerating financial inclusion and Bahrain’s digital transformation efforts.” This will enable more individuals to access valuable and sustainable financial services, facilitating easier salary payments, fund transfers while benefitting from a wide range of banking services,” says Dr. Al-Ghazzawi. 

Dr. Al-Ghazzawi adds: “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, in order to empower them and in time achieve sustainable economic development goals,” he concludes.

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