Quds Bank Joins National Switch System - 194

The PMA announced the entry of Quds Bank into the national switch system -194. With the joining of Quds Bank, beneficiaries from services offered by the system will reach about 70 percent holders of debit-cards. Earlier in mid-May of the year, the PMA launched the first stage of the system, which incorporated the Bank of Palestine, Bank of Jordan, and Cairo Amman Bank. The system allows card-holding clients of member banks the option to use, at affordable charges, all ATMs regardless of the owner bank of the ATM being used. 

H.E. Mr. Azzam Shawwa, Governor of the PMA, explained that, with the operation of this system, the PMA strengthened a key pillar of the retail payment system in Palestine. This achievement comes in line with PMA strategy to transform into a full-fledged central bank. 

H.E. Mr. Shawwa added that the PMA and the banking system continue to exert ceaseless efforts to develop modern e-payment tools to replace cash, checks and paper-based payment tools. These efforts aim at reducing the risks and disadvantages associated with the use of money and conventional payment tools and staying abreast of global advances in technology and electronic communication channels. It is planned that the remaining banks will be connected to the national switch gradually and that new services will be added to the system, such as point of sale services. This will enable all segments of the society to access banking services, in particular in distant and remote areas which do not have branches for all of the banks operating in Palestine. This development will ultimately promote financial inclusion in Palestine.