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First Abu Dhabi Bank announces capital worth Dh3.79 mn for SMEs

The bank also rolled out a digital invoicing solution for the SME’s

In a move to assist the economy during Covid-19 pandemic, First Abu Dhabi Bank (FAB) has provided capital worth Dh3.97 million to more than 6000 SME merchants, media reports said.

The fresh effort by the bank is a result of their commitment towards the SMEs. Earlier, the bank announced to cut 50 percent on the merchant service fee charged to SME customers for credit card transactions during the period between April and June.

Hana Al Rostamani, deputy group CEO and head of Personal Banking at FAB, told the media, “Merchants are integral to powering our economy and our everyday lives; they are the countless businesses that make up the very fabric of the society we live in. The merchant rebate initiative has been a highly effective mechanism for providing relief to SMEs, which along with a comprehensive package of measures has helped to keep powering Abu Dhabi’s economy forward during unprecedented times.”

The bank has also implemented other measures such as – reducing loan fees under the Ghadan 21 initiative, special repayment offerings for SMEs and deferring instalments for all loan types for three months.

Furthermore, the bank also rolled out a digital invoicing solution for the SMEs by partnering with Etisalat Digital. The launch paved the way for SMEs in the retail space to accept card payments seamlessly. FAB offered zero monthly fees for three months and installed the solution for free. The bank also rolled an exclusive digital-first package payment as a platform for merchants.

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