Palestine Monetary Authority Launches Campaign to Raise Awareness of e-Payment Services

Ramallah and Al-Bireh Governorate - June 21, 2021

Palestine Monetary Authority has launched a campaign to raise awareness of electronic payment services, in the presence of representatives of the five licensed e-payment companies, the two e-Wallet provider banks, including the Arab Bank and Palestine Investment Bank; lending institutions, the German Corporation for International Cooperation (GIZ), influencers on social media sites, partners and supporters of this campaign, and the media.

At the beginning of the event, the Governor of Palestine Monetary Authority, Dr. Feras Milhem, thanked the German Corporation for International Cooperation (GIZ) for providing financial support for the implementation of the campaign in accordance with the cooperation agreements concluded with the Palestinian Government represented by the Ministry of National Economy. Dr. Milhem also thanked journalists, media representatives and influencers for their interest and contribution to providing, explaining and streamlining economic and banking information to the public.

Dr. Milhem also said that the launch of this campaign came within the framework of introducing citizens to electronic payment services and their importance, and encouraging them to keep up with the technological development in financial services, which helped many groups of society, especially those not covered by banking services, to access and use electronic payment services, without the need to deal with cash, and without the requirement of a bank account, and from anywhere without the need to travel since the process is done through mobile phones. Dr. Milhem pointed out that these services were characterized by the speed of completion of financial transactions and payment bills. Subscription procedures are easy and facilitated compared to other financial services, and the Palestine Monetary Authority ensures security in payment and receipt, according to Dr. Milhem.

Dr. Milhem added that Palestine Monetary Authority had taken several steps to promote financial inclusion and digital transformation in the provision of financial services, especially electronic payment services. It was last year, under difficult health and political conditions, that five companies were licensed to provide electronic payment services and two banks were granted approval to provide e-Wallet service, allowing subscribers to deposit, withdraw and transfer funds at any time and to anyone in Palestine within specific ceilings, electronic shopping, and payment of bills, through a network of traders and authorized agents to these companies spread throughout the country, said Dr. Milhem. The total number of active e-Wallets is approximately 100,000, including 75,781 for males and 19,526 for females. The total number of agents is 846 and the number of traders is 3,394, said Dr. Milhem.

Dr. Milhem pointed out that Palestine Monetary Authority had issued instructions a few days ago on the financial inclusion account, under which anyone could benefit from deposit and cash withdrawal services, deposit cheques for collection, electronic banking services, issuance and reception of financial transactions internally and externally, and ATM cards, in order to enable the largest possible segment of society to access and use basic banking services.

The Governor of Palestine Monetary Authority wished success to the campaign, and that it would have a significant impact in enhancing the levels of financial inclusion among all target groups, hoping that all e-Wallet service providers would work together optimally to spread this campaign and make it a success.

The event featured a presentation on the campaign, which would last up to six months and would include the dissemination of media and awareness materials through social media and media, as well as activities and events that would be held to address all segments of society.

The event also included a presentation on e-payment service providers, questions and discussions, and then introducing influencers and the press to e-payment services.