Dr. Al-Ghazzawi: New IBAN Allocation for Expatriates Boosts Financial Inclusion in Bahrain

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

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

Dr. Al-Ghazzawi highlighted that this initiative will significantly enhance financial inclusion in the Kingdom by increasing the number of expatriates with bank accounts. This will enable more individuals to access valuable and sustainable financial services, facilitating easier salary payments, fund transfers, and various financial transactions. Also, expatriates will benefit from various banking services, including deposits, loans, and bank cards.

Dr. Al-Ghazzawi stated, "We are set to integrate thousands of new bank accounts into Bahrain's financial system. This will have a positive impact not only on the account holders but also on the Bahraini banking sector as a whole. It will increase efficiency 

and transparency, reduce cash circulation, and accelerate digital transformation efforts in financial and banking services,"

Dr. Al-Ghazzawi added, “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. By providing innovative and sustainable financial services and loans, we empower these groups to start their businesses, thereby increasing their income, improving their standard of living, and creating new job opportunities for their family members. This, in turn, enhances community's quality of life, boosts economic growth, and contributes to the achievement of sustainable economic development goals.