Palestine Monetary Authority Starts Arab Financial Inclusion Day

Palestine Monetary Authority starts today activities leading to the Arab Financial Inclusion Day on April 27, which the governors of Arab central banks and Arab Monetary Fund approved as a day of activities to promote financial inclusion among Arab communities whereby the activities coincide with similar activities in Arab countries under the umbrella of the Secretariat of the Arab Monetary Fund.

H.E. Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, said that PMA gave so much focus to the concept of financial inclusion and that Palestine had been among the first Arab countries to set up national financial inclusion strategy in partnership with the Palestine Capital Market Authority, which had been praised by several international financial organizations. The Palestinian Council of Ministers has recently approved the strategy and the membership of the National Financial Inclusion Strategy Committee, according to Mr. Shawwa. Financial inclusion mainly aims to enhance and facilitate community, especially women and marginalized and impoverished people and SMEs’ access to banking services and products and to inform them of the importance of such service and how to access them and benefit from them, said H.E. the Governor of PMA. The purpose is to ensure financial and social stability, boost economic growth, and combat poverty and unemployment and to provide jobs. PMA’s Governor called on the institutions of the State of Palestine including the public and private sectors and banking and economic and social institutions to work together to ensure financial inclusion in Palestine in accordance with the nation financial inclusion strategy.       

Mr. Ali Far’oun, the Director of the Market Conduct Department at PMA, said the activities of the Arab Financial Inclusion Day in Palestine would include plenary sessions on financial inclusion at universities in the West Bank and Gaza Strip, explanations, screening videos, debates with business and economy students, PMA hosting student delegates, handing brochures and stickers, media activities such news bulletins, and utilizing the social media.

According to the findings of the financial inclusion surveys in Palestine, 59% of adults lack sufficient financial knowledge, 51% of males have good financial knowledge compared to 31% among females. The findings also show that the rate of people’s access to banking services and products of the official financial sector is low and stands at 36.4%. The remaining percentage includes those who do not utilize official financial services and products. PMA hopes to bring the financial inclusion rate to at least 50% in 2025 as planned in the national financial inclusion strategy in Palestine.