National Bank of Fujairah preps SME banking platform
UAE-based National Bank of Fujairah (NBF) plans to set up a new banking platform for small and medium enterprises (SMEs), in collaboration with businesses across the country.
SMEs account for 94% of private businesses in the UAE
The platform will be “an exclusive digital space” co-created with SMEs to understand and address their needs. NBF claims that the new venture will use the bank’s “latest business solutions”.
“National Bank of Fujairah was one of the first banks to set up a dedicated team supporting small and medium-sized businesses in the UAE, so we have the knowledge and expertise to help SMEs realise their full potential through digital, tailor-made solutions,” says Devid Jegerson, head of customer experience and platform development at the bank.
“Given that SMEs in the UAE are growing rapidly, the platform will serve as a digital space for SMEs’ to interact with peers, share know-how and gain access to beneficial resources on government policies.”
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According to figures from the UAE Ministry of Economy, more than 94% of firms operating in the country can be classed as SMEs, and provide jobs for around 86% of the private sector’s workforce.
Jegerson adds: “Our goal is to build a unique SME community and banking platform, and the only way to do this is to really understand SME needs and create this platform together.
“This is the first time that the SME community will be engaged in a call to action to co-create the next generation digital SME platform, while working together with a financial institution.”
Founded in 1982, NBF offers corporate and commercial banking, treasury, and trade finance services.
