DUBAI: Al Etihad Credit Bureau (AECB), the UAE’S Federal credit bureau, and Visa, the world’s leader in digital payments, have signed a Memorandum of Understanding (MoU) to promote responsible money management among consumers in the UAE. The agreement was signed by Marwan Lutfi, Chief Executive Officer, Al Etihad Credit Bureau, and Marcello Baricordi, General Manager of MENA, Visa.
As part of the MoU, the organizations will jointly run an educational series across print and digital media that aims to help Emiratis and Expats, of all ages, to better manage their finances and make informed financial choices. The initiative leverages Visa’s award-winning financial literacy website, “Practical Money Skills for Life”, designed to help consumers of all ages learn the essentials of personal financial management, which includes budgeting, saving, responsible spending and the wise use of credit. As a prelude to the launch of the financial literacy initiative, Visa conducted a survey with over 600 consumers in the UAE that assessed their attitudes toward spending, saving, budgeting, credit and financial planning.
Marwan Lutfi, Chief Executive Officer, Al Etihad Credit Bureau, said: “We are happy to partner with Visa to promote financial literacy, an initiative that will help improve financial well-being, a priority for AECB The program will empower individuals in the UAE to make sound financial decisions, adopt responsible credit payment behaviour and know the importance of their credit reports and scores.”
“Banks and other lenders review the credit report and score before approving new loan and credit card applications. Maintaining a good credit report and a high credit score will ease the way to future credit card and loan requirements” Lutfi added.
Marcello Baricordi, General Manager of MENA, Visa, said: “Financial literacy is an important and ongoing conversation in the UAE and we are delighted to partner with AECB on this important initiative to provide people in the UAE with the knowledge they need to make responsible financial decisions. Visa believes that the most important financial tool is knowledge, which is why we are offering the nation’s youth and consumers a resourceful website that encompasses everything they need to know to enhance their financial awareness and skills to improve their spending and saving habits. In addition, we intend to roll out a series of educational pieces across different media channels, so the program’s reach and impact is more widely felt amongst these important UAE audiences.”
Visa’s UAE Financial Literacy website provides tips, games, and useful information for all classes of spenders and borrowers including how to get and improve your credit score. To access the website, click here. Individuals have convenient access to their credit reports and scores using the AECB App, available in [Apple Store] and [Google Pay] or through the website aecb.gov.ae. BIZ TODAY REPORT
