Steering Committee to Establish National Strategy on Financial Inclusion Commences Work

Dr. Jihad Al Wazir- Governor of Palestine Monetary Authority  (PMA), and Mrs. Abeer Odeh, CEO of Palestine Capital Market Authority (PCMA), opened the first meeting of the Steering Committee assigned to establish the National Strategy on Financial Inclusion. According to the plan of action, the committee is expected to conclude its work in two years. The steering committee aims at founding the basic guidelines and the required action required of the parties involved in establishing the strategy which will facilitate access and usage of the financial services and products for all social segments offered in a fair, transparent and affordable manner.

During the meeting Dr. Al Wazir and Mrs. Odeh presented the vision of both the PMA and PCMA aimed at developing the mechanisms of financial inclusion in a manner that secures access of citizens to a wide variety of financial and banking services and products which are supervised by both authorities to be offered in a timely, affordable and appropriate  manner. The strategy also aims at extending the scope of usage of these services and products to include diverse social strata by application of innovative approaches in banking and financial awareness campaign directed at raising the level of financial literacy of citizens and supporting their social and economic assimilation given the economic conditions of living in Palestine. Dr. Al Wazir and Mrs Odeh reviewed achievements in the area of financial and banking awareness. During the meeting, the list of procedures relevant to the work of the steering and technical committees as well as the relevant terms of reference were reviewed and approved. In addition, the members of the technical committee were appointed.

The Steering Committee is presided over by both the PMA and the PCMA. The Association of Banks in Palestine, the Ministry of Education and Higher Education, the Banking Services Consumer Society, the Palestinian Network for Small and MicroFinance Sharakeh, the United Nations Relief and Works Agency UNRWA, Palestine Exchange, the Palestine Union of Securities Trading Companies and the Palestinian Insurance Federation are committee members. 

The significance of the aforesaid strategy lies in achieving as great benefit as possible for the poor, the young, women and citizens living in the country-side. Through business project development, provision of safe money deposit and transfer, making possible the maintenance of relatively stable standards of living, expansion of private sector activity and treatment of various economic challenges the strategy will help confront the problem of unemployment.

The Strategy implementation will be supported by the Alliance for Financial Inclusion AFT and will be carried out in two phases. The first 5-year phase will target the financial sectors that are supervised by PMA and PCMA. The second 3-year phase will include all other sectors both public and private as well as any relevant sector involved in the strategy. It is worth noting that the memorandum of understanding in support of the aforesaid strategy has been signed between the PMA and PCMA last February.