Palestine Monetary Authority Launches Monshati, the First Electronic Platform in Palestine to Support and Develop Businesses

In Cooperation with the Federation of Chambers of Commerce and UNDP

Ramallah and Al-Bireh, October 14, 2021 - Palestine Monetary Authority launched today Monshati Platform (www.monshati.ps); the first electronic platform in Palestine to provide quality services to support the financial and administrative capabilities of the entrepreneurs of micro, small, and medium enterprises, and enable them to access sources of financing. The event of the launching of the Monshati Platform was broadcast live on social media. The event was held with the participation of the Governor of Palestine Monetary Authority, Dr. Feras Milhem, his Deputy Mr. Mohammed Manasrah, Chairman of the Palestinian Federation of Agricultural and Industrial Chambers of Commerce, Mr. Omar Hashem, and the Secretary General of the Federation, Mr. Jamal Jawabra.

The Governor of Palestine Monetary Authority explained that the launch of this platform was to support sustainable economic development in partnership with the government, by providing funding through Sustainability Fund. The platform will help entrepreneurs and businesspeople develop their capabilities in managing their businesses and creating financing and investment opportunities for them.

The Governor thanked the Federation of Chambers of Commerce, UNDP, PalTrade, the Bank of Palestine and the Palestinian Banking Institute for helping to complete the Monshati Platform, stressing the importance of joint efforts by public and private institutions in the development and sustainability of businesses and the development of the national economy.

The Chairman of the Palestinian Federation of Agricultural and Industrial Chambers of Commerce, Mr. Omar Hashem stressed that the package of administrative, technical and financial services provided by the Platform was based on the needs of micro, small, and medium enterprises and conformed to their requirements. The package also provides the business community in Palestine with an opportunity to register and complete applications for services that meet their needs and to follow up on the applications through the offices of the chambers of commerce. Mr. Hashem expressed his thanks for the efforts of all institutions that contributed to the completion of this project.

Monshati Platform, run by Palestine Monetary Authority, includes advisory services on how to start a new business or develop existing businesses through written manuals and training videos recorded in the field of expertise development and specialized vocational training, provided by a group of specialists, trainers and at the highest levels of quality and implemented by the Palestinian Banking Institute.

The Platform provides a help corner that allows entrepreneurs to seek assistance online by applying and identifying problems they face in their businesses. The problems are sent to the offices of Monshati Platform in the chambers of commerce in Hebron, Bethlehem, Nablus, Jericho and Central Gaza. They are addressed by experts and specialists. The Platform also allows making online appointments with representatives of Monshati offices in the chambers of commerce for advice and assistance.

Monshati Platform enables its users to apply for financing for their businesses online, by selecting a bank or lending institution. The application is followed up by the Platform Management to ensure that it is processed. Moreover, the Platform provides services to help market businesses’ products and benefit from electronic financial services. The platform is available as a mobile application called "Monshati" via Android and iOS to facilitate access in the best way.