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National Financial Inclusion Committee Holds Its Fourth Meeting

National Financial Inclusion Committee Holds Its Fourth Meeting

The National Financial Inclusion Committee in Palestine held its fourth meeting through virtual communication platforms, chaired by Dr. Nabil Kassis, Chairman of Palestine Capital Market Authority, and Dr. Feras Milhem, Governor of Palestine Monetary Authority, with the participation of members of partners of the implementation of the National Financial Inclusion Strategy from national ministries and relevant institutions.

Dr. Kassis stressed the importance of promoting financial inclusion in achieving financial stability, sustainable development and integrating all different segments of society into the formal financial system.

Dr. Kassis praised efforts to achieve the objectives of the National Financial Inclusion Strategy despite the exceptional circumstances the Strategy faced at the beginning of its implementation including the clearance crisis and the Coronavirus pandemic. Efforts are aimed at achieving the main objective of financial inclusion in the strategy, which is to increase the financial inclusion rate of 36.4% of adult individuals to a minimum of 50% at the end of 2025.

Dr. Kassis presented the Palestine Capital Market Authority's strategy, which integrates and is linked to the National Financial Inclusion Strategy through three main themes: strengthening financial technology in the non-banking financial sectors, developing the Islamic finance industry, sustaining non-banking financial sectors, increasing horizontal expansion and developing innovative products.

Dr. Feras Milhem noted the great importance that issues of improving levels of financial inclusion are gaining in order to support inclusive and sustainable economic growth and promote economic and financial stability.

Dr. Milhem presented many of the measures taken by Palestine Monetary Authority such as financial inclusion account instructions, instructions enabling women to open and manage a direct account for their minor children, instructions that bank buildings and services should be adapted to the needs of persons with disabilities, providing services to this important group of our people by the best means and mechanisms, and launching an annual borrowing cost program aimed at promoting consumer protection.

Dr. Milhem said Palestine Monetary Authority would launch a personal identity verification service by linking bank accounts with the Civil Status Department to facilitate the process of opening accounts to citizens. He pointed out that five companies had been granted a final license for electronic payment services for categories that are not financially covered, at reasonable costs, in addition to the launch of the electronic clearance system.

The achievements of the second year of the National Financial Inclusion Strategy were discussed during the meeting, which also reviewed the latest developments and the programs implemented under the Coronavirus pandemic, which overshadowed efforts in this area through the exceptional circumstances that faced the implementation of the Strategy and its executive plan.

The meeting discussed the indicators of financial inclusion of the financial sector that have been developed and started to be calculated and their importance in tracking and measuring developments in the various financial inclusion, which will soon be published to the interested public and will be available on the financial inclusion website in Palestine.

 

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