Dubai, 26 June, 2018: Emirates NBD, a leading bank in the region, today convened a panel discussion on money management for its millennial customers, as part of the bank’s financial literacy platform, #moneywise.
Titled ‘Manage your Money, Build your Future’, the session tackled how better personal finance management today can help create stronger financial futures for UAE youth. As Al Etihad Credit Bureau (AECB)’s credit scoring gains momentum, the session aimed to highlight the importance of an early start to creating and maintaining a positive credit report.
Young customers of Emirates NBD, and its mobile-only lifestyle digital bank, Liv., engaged with speakers at the interactive session, moderated by Ambareen Musa, Founder and CEO of souqalmal.com. Panelists included Hussain Al Balooshi, Acting-Senior Programs Manager, Esref Sah and Kayani, Emirates Foundationfor Youth Development; Daniele Lavalle, Head of Product Development & Data Operations, Al Etihad Credit Bureau; Jayash Patel, Head of Liv. and Dr. Tariq Bin Hendi, Executive Vice President and Head of Wealth Products & Advisory for Retail Banking & Wealth Management at Emirates NBD. Panelists also answered queries from the bank’s social media followers as the event was livestreamed over Emirates NBD’s social media platforms.
Reiterating Emirates NBD’s commitment to financial literacy, Dr. Tariq Bin Hendi, Executive Vice President and Head of Wealth Products & Advisory for Retail Banking & Wealth Management at Emirates NBD said, “Money management is an essential part of life, and as a market leading bank, we believe it is our responsibility to educate the community, in particular our youth on creating a healthy financial foundation.”
Speaking at the session, Ambareen Musa, Founder and CEO of souqalmal.com commented, “”Financial literacy is an essential skill that allows people to make informed choices about how they manage their money. From a personal finance aggregator point of view, financial education is not merely a campaign, it’s an ongoing process that is integral to our existence. Through our financial education blog ‘The Money Doctor’ we aim to demystify financial jargon and simplify complicated financial concepts for our users. Our end goal is to help individuals make sound financial decisions, be it related to using credit responsibly, budgeting, saving, investing or otherwise.”
Daniele Lavalle, Head of Product Development & Data Operations at AECB said, AECB is committed to the development of a responsible lending culture and to providing all borrowers in the UAE the right tools to be credit smart. We believe that learning how to manage your finances, understanding how credit works and knowing your credit score are all key aspects of responsible personal financial management. For the youth, who approach credit for the first time, adopting the right practices will build the foundation of their credit history, which will enable them to get easier access to credit in the future.”
Hussain Al Balooshi, Senior Manager at Emirates Foundation said: “At Emirates Foundation and since the inception of our ‘Esref Sah’ program in 2013, we have been committed to the empowerment of youth with the right knowledge and skills to enable them to make informed and responsible financial decisions which contribute directly to the sustainability of our economy. Today, Esref Sah has engaged and trained over 40,000 youth from across the nation and continues to reach out to a wider audience addressing the challenges of personal finance management and, most notably, debt amongst youth.
“I am honoured to be here at this important event sharing our learnings and best practices as part of our collective responsibility to eradicating financial illiteracy and ensuring the root causes are permanently resolved.” Al Balooshi concluded.
Jayash Patel, Head of Liv added, “Our approach has been that of a ‘financial buddy’ to empower our customers with intuitive and easy-to-use tools to manage their lifestyle and finances all in one app. We want to show customers that managing money can be fun and can help you live the life you want.”
Emirates NBD’s #moneywise is a diverse financial-literacy platform, aimed at educating and empowering employees, customers and the local community to efficiently manage their personal financial affairs. The platform conducts regular workshops to offer learning opportunities on financial essentials such as personal finance essentials, savings, budgeting and debt management.