The Monetary Authority and the Capital Market Authority Launch the Arab Day of Financial Inclusion event

The Monetary Authority and the Capital Market Authority Launch the Arab Day of Financial Inclusion event

 The Palestinian Monetary Authority and the Capital Market Authority launched the event of the Arab Day of Financial inclusion in the presence of His Excellency the Governor of the Monetary Authority Mr. Azzam Al Shawa , the CEO of Sharek Youth Forum MR. Bader Zama'ra, a number of the Directors of the Monetary Authority and the regional and general directors of the banks and lending institutions operating in Palestine in additions to a number of Directors of the Insurance companies, the Palestinian Federation of the Insurance companies, and the Financial Leasing and Securities. This event was organized in cooperation with Sharek Youth Forum.

The Arab Day of Financial Inclusion Event was launched in the youth village in Kafr Nia'ma in Ramallah and Gaza University in the Gaza Strip where a number of university students were in attendance and participated in the Financial Inclusion activity which includes a group of activities and interactive challenges associated with financial and banking affairs to introduce them to the financial inclusion concept and objectives.

At the opening of the event HE Azzam Al Shawa confirmed that the Monetary Authority took several years ago a number of procedures and steps to boost the percentage of Financial inclusion in Palestine through strengthening the financial capabilities of all groups of the society and developing infrastructure and regulatory laws and frameworks that would improve the spread of the banking services especially the modern financial technologies and encourage innovation in this field      including the preparation of special banking products and services directed to the targeted groups and take the initiatives to enhance the legal environment to protect the rights of the consumers of these services and products.

HE the Governor Mr. Al Shawa declared during the event the launching of the financial inclusion account instructions in Palestine which would enable the various groups of the society especially the individuals with low and medium income the entrepreneurs, workers with the regional and international platforms to open a bank account under specific conditions and distinguished specifications.

His excellency, the Governor pointed out that these instructions will allow the legally eligible to open bank accounts to use the other basic products and services with the aim of promoting the savings culture among them and facilitate the completion of their various financial transactions and accordingly raise their living standards which would be positively reflected on the financial stability and comprehensive economic development.

The Director General of the Authority Mr. Baraq Al Nabulsi pointed out that authority works to enhance the financial inclusion through joint leadership with the Monetary Authority and in partnership with the relevant financial sectors to direct the efforts and initiative with the aim of increasing the percentage of the financial inclusion in Palestine amounting to 36% to become 50% by the end of 2025. Mr. Al Nabulsi also confirmed that the main goal of these initiatives is to facilitate the obstacles facing the youth, to facilitate access to the financial services and to have access to funding sources, encourage the creative ideas through raising awareness of the financial culture among this important category which constitutes one third of the Palestinian people as the inclusion of all groups of the society in the official financial sector specially the youth play a significant role in driving the wheel of economy and accordingly challenge unemployment which is considered the ultimate national strategic goal of the financial inclusion.

Mr. Nabulsi added that the authority is currently developing financial products and services which would enhance the financial inclusion like micro insurance and other products which are targeting the groups concerned with financial inclusion in the society. The authority also seeks to revise the legal frameworks organizing their work and developing them to be more appropriate to meet the requirements of the financial inclusion in addition to the implementation of the initiatives aiming to develop the capabilities of the Palestinian citizens and society like the comprehensive insurance campaign launched by the authority at the beginning of the year. Mr. Nabulsi stressed the need for the authority to complete the efforts associated with activating the financial leasing sector as alternative and important tool to meet the needs of the business entrepreneurs and the small and medium enterprises.

On his part the CEO of Sharek Youth Forum Mr. Bader Zama'ra stressed the importance of raising the awareness of the youth of the financial and banking issues through a series of condense events associated with the financial inclusion which depend on the interactive approach with youth nature.  Mr. Zama'ra considered that holding of the launching events in the village of Kafr Ne'ma bears an important and positive significance which would contribute to convey these concepts to the youth by smooth ways.

It is noteworthy that the Arab Day for Financial inclusions is an annual event approval by the central banks governors and the Arab Monetary Institutions which is held under the auspices of the Arab Monetary Fund on the twenty seventh of April every year with the aim of promoting the financial inclusion among all the society groups in the Arab countries.