The Arab Monetary Fund calls for enhancing financial inclusion between youth and women
[You must be registered and logged in to see this image.] |
The Arab Monetary Fund issued a press statement, published by Al-Iqtisad News, about financial inclusion:
The issue of enhancing access to finance and financial services in the Arab countries is receiving great attention from the Board of Governors of Central Banks and Arab Monetary Institutions, in recognition of the potential and significant opportunities that can be achieved through enhancing financial inclusion to support comprehensive and sustainable economic development, confront the challenges of unemployment and achieve social justice. There is no doubt that the current developments and the negative repercussions of the spread of the Corona pandemic have clearly highlighted the great importance of employing modern technologies for the purposes of financial inclusion, and the need to enhance digital financial services and educate their users. The pandemic has boosted demand for digital financial services, and has made the need to accelerate digital transformation and improve digital financial services a critical issue in economic policies in the Arab region.
Available statistics highlight the great opportunities inherent in the development of digital services, as nearly 85 percent of adults in the Arab region have a mobile phone, 48 percent have a mobile phone and can access the electronic network at the same time, and 7 percent have money accounts over the phone. Mobile phones, and about 33 percent sent or received digital payments in the previous year, compared to nearly 44 percent globally.
In this context, the Board of Governors of Central Banks and Arab Monetary Institutions in 2016, in light of the growing need to intensify awareness of the importance of financial inclusion and its interlocutors among all parties in the Arab countries, took the initiative to adopt April 27 of each year as an Arab Day for Financial Inclusion. This year it will be launched under the theme "The Role of Digital Transformation in Promoting Financial Inclusion ". It is important on this occasion to emphasize the support of the efforts of the international community in promoting financial inclusion, first and foremost the efforts of the Group of Twenty ( G20)Which adopted the financial inclusion axis as one of the main axes to support the sustainable development goals and enhance financial stability, as the G20 pays special attention to support youth, women, and micro, small and medium enterprises (MSMEs) access to digital financial services through the use of modern technologies, in addition to paying attention to awareness and community digital education. They enhance the chances of success of efforts and policies in this regard.
The esteemed Council is keen to give the issues of financial inclusion in Arab countries the importance they deserve, as the Council blessed the Arab Monetary Fund, in cooperation with a number of regional and international institutions, to launch the regional initiative to enhance financial inclusion in the Arab region, with the aim of empowering and enhancing capabilities and capabilities to overcome obstacles that stand in the way of advancement. Indicators of financial inclusion in the Arab countries. In this context, the Board appreciates the activities included in the initiative that focus on digital financial transformation. The Council calls on the partner institutions in the initiative to pay more attention to supporting the use of modern technologies in enhancing the access of young people, women, and micro, small and medium enterprises to financial services, it welcomesThe guiding document for digital financial transformation in the Arab region, issued by the initiative in September 2020, as a road map to help develop policies and action plans in order to create comprehensive and safe financial technologies. The document is based on a number of primary goals, which are to enhance access, expand usage and quality. The document discusses various frameworks to support the transition to digital finance, including regulatory laboratories for modern financial technologies, consumer protection and financial education, financial and technical infrastructure, competition, data and cybersecurity, monitoring and cooperation. In this regard, it is necessary to mention the steps and measures taken by Arab countries in order to promote financial culture, especially digital ones.Arab countries can also work on developing and integrating national action plans that contribute to the digital transformation of financial systems and support economic development to achieve sustainable growth and poverty alleviation.
The Council also reaffirms the need to integrate all groups and segments of society into the formal financial system, especially youth, women, entrepreneurs, and the MSME sector, to benefit from technologies and follow-up efforts to raise awareness of all these groups, protect their financial rights and improve their knowledge of digital financial matters, including They enable them to make the right decisions. In this context, the ministries of education, culture and higher education in the Arab countries can contribute to strengthening efforts represented in spreading and deepening education and digital financial education.
In the context of the increasing importance that the uses of modern financial technologies are gaining in the financial and banking sector and the great and rapid growth witnessed by the industry of these technologies and related services worldwide, the Council commended the role of the regional working group for modern financial technologies launched by the Arab Monetary Fund in exchanging expertise and knowledge on issues Modern financial technologies and crystallization of various visions to revitalize and regulate them in the Arab countries. In this context, it should be noted that the Fund issued, during the year 2020, a number of guides and guiding principles that enhance awareness of the requirements of digital transformation, specifically the indicative document on digital identity and know your electronic customer, principles for building national strategies for modern financial technologies, in addition to the recently issued document on banking operations. Open. Arab countries may adopt the guidance provided in these guides within the framework of the needs and procedures of each country.
Likewise, the Council appreciates the increasing interest in modern financial technology issues in the regional work team's activities programs to enhance financial inclusion in Arab countries, and its role through developing policies and procedures related to enhancing financial inclusion, studying ways to improve financial inclusion indicators, and working to help Arab countries implement standards And the relevant international principles, and enhancing cooperation between the various national institutions and bodies concerned with issues of financial inclusion, and between them and the relevant international institutions. On the other hand, the Board looks forward to continuing to improve financial inclusion indicators,Whereas recent statistics reflect the efforts made by Arab countries to enhance access to financial services, indicating that the percentage of the adult population in Arab countries who have access to formal financial and financing services has risen on average to 37 percent and 26 percent for For women, and 28% for low-income groups. Although these figures conceal disparities in this regard among Arab countries, they still highlight the great potential opportunities - especially for private financial and banking institutions - that can be exploited to enhance access to financial services in Arab societies. In this context, it is necessary to acknowledge the efforts of the Arab countries that have implemented the comprehensive model for statistical surveys, and to emphasize the importance of following up its implementation by the rest of the countries, in order to help improve the quality of financial inclusion indicators according to the conditions of each country.
Before concluding, within the framework of the efforts made by central banks, Arab monetary institutions, commercial banks and official financial institutions in recent years, to mark the Arab Day for Financial Inclusion and to organize its distinctive activities and events on this day, in a way that contributed to spreading awareness and financial education among all members of society, The Council calls on all member states to promote the revival of the activities of the Arab Financial Inclusion Day and expand the scope of community participation in it, by implementing activities and activities that enhance knowledge of financial inclusion and its objectives.
On this occasion, His Excellency the Director General, Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidi stressed the importance and role of financial inclusion in facing economic challenges that affect economic growth, by mobilizing resources to increase investment rates and create new job opportunities , praising His Excellency The increasing attention that issues related to enhancing financial inclusion by policymakers in Arab countries are receiving, which would help to face the challenges of poverty and unemployment and establish social justice.His Excellency also praised the efforts of central banks and Arab monetary institutions, in terms of keenness to continue to pay attention to issues of improving financial inclusion and access to financial services of acceptable quality and costs, giving them appropriate importance and priority within the framework of the economic policies taken, spreading the culture of responsible finance in banking, and making use of technologies. Modern financial services in providing financial services, developing legislation, regulations and supervisory frameworks that help improve the spread of financial and banking services and encourage innovation in this field, in addition to following up efforts to upgrade sound infrastructure systems for the financial and banking system and encourage the development and expansion of non-banking financial services, in addition to developing policies and programs. That enhances transparency in financial and banking transactions.
His Excellency also praised the "Bani" Arab Payments platform, which was recently completed by the Arab Monetary Fund, and its role in providing innovative services in accordance with international standards and the latest practices and technologies, looking forward to the platform's role in encouraging the development of digital financial services in the Arab region and linking Arab countries with commercial partners.
[You must be registered and logged in to see this link.]
Today at 9:50 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Today at 9:40 am by Rocky
» Among them are the Iraqis... a list of the most sought-after immigrants to America
Today at 9:38 am by Rocky
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
Today at 9:29 am by Rocky
» The House of Representatives adjourns its session
Today at 9:24 am by Rocky
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
Today at 9:23 am by Rocky
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
Today at 9:21 am by Rocky
» Alsumaria publishes the text of the law against prostitution and homosexuality
Today at 9:20 am by Rocky
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
Today at 9:19 am by Rocky
» utube MM&C 4/24/24 Support - USA- Turkey - Timing- Currency Value - Tabled
Today at 8:51 am by Rocky
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
Today at 8:49 am by Rocky
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
Today at 8:42 am by Rocky
» International Business: Iraq has made progress in supporting businesses through investment and priva
Today at 8:33 am by Rocky
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
Today at 8:25 am by Rocky
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
Today at 8:22 am by Rocky
» Parliamentary integrity: Combating corruption requires parliamentary legislation
Today at 8:15 am by Rocky
» Al-Karaawi: America is trying to restrict Iraq
Today at 8:13 am by Rocky
» The State of Law coalition moves to form the local government in Diyala
Today at 8:12 am by Rocky
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
Today at 8:11 am by Rocky
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
Today at 8:09 am by Rocky
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
Today at 8:08 am by Rocky
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
Today at 7:58 am by Rocky
» Parliament holds its session in the presence of 170 deputies
Today at 7:57 am by Rocky
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
Today at 7:55 am by Rocky
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
Today at 7:53 am by Rocky
» The Iraqi Parliament votes to add an item to elect a president to its agenda
Today at 7:52 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Today at 7:51 am by Rocky
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
Today at 7:47 am by Rocky
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
Today at 7:46 am by Rocky
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
Today at 7:45 am by Rocky
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
Today at 7:44 am by Rocky
» More than a billion dollars in sales from the Iraqi Central Bank within a week
Today at 7:43 am by Rocky
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
Today at 7:29 am by Rocky
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
Today at 7:27 am by Rocky
» The path to development is the criterion between true patriotism and political clowning.
Today at 7:25 am by Rocky
» The file of the Presidency of Parliament is on the state administration table... this evening
Today at 7:22 am by Rocky
» Director General of the International Labor Organization: Many challenges in the world of work and t
Today at 7:20 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 7:11 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 7:08 am by Rocky
» Al-Asadi: Iraq places the social protection file among its priorities
Today at 7:07 am by Rocky
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
Today at 7:05 am by Rocky
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
Today at 7:03 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Today at 5:29 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 5:28 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 5:24 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
Today at 5:22 am by Rocky
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
Today at 5:21 am by Rocky
» OPEC Secretary General: The end of oil is not on the horizon
Today at 5:19 am by Rocky
» Closing a number of unlicensed offices and companies south of Baghdad
Today at 5:16 am by Rocky
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
Today at 5:15 am by Rocky
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
Today at 5:14 am by Rocky
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
Today at 5:13 am by Rocky
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
Today at 5:10 am by Rocky
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
Today at 5:08 am by Rocky
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
Today at 5:07 am by Rocky
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
Today at 5:06 am by Rocky
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
Today at 5:05 am by Rocky
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
Today at 5:04 am by Rocky
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
Today at 5:03 am by Rocky
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
Today at 5:02 am by Rocky
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
Today at 5:01 am by Rocky
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
Today at 5:00 am by Rocky
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
Today at 4:58 am by Rocky
» Mr. Al-Sadr supports the position of American university students
Today at 4:56 am by Rocky
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
Today at 4:55 am by Rocky
» Soon.. 3 new hospitals will open in Baghdad
Today at 4:52 am by Rocky
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
Today at 4:51 am by Rocky
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
Today at 4:49 am by Rocky
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
Today at 4:48 am by Rocky
» Al-Sudani: The development road project will provide many job opportunities
Today at 4:47 am by Rocky
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
Yesterday at 2:21 pm by Rocky
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
Yesterday at 2:04 pm by Rocky
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
Yesterday at 10:26 am by Rocky
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
Yesterday at 10:24 am by Rocky
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
Yesterday at 10:22 am by Rocky
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
Yesterday at 10:21 am by Rocky
» The head of the Integrity Commission announces the holding of an international Interpol conference i
Yesterday at 10:18 am by Rocky
» Planning: Iraqi companies are not efficient in conducting the population census
Yesterday at 10:14 am by Rocky
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
Yesterday at 8:06 am by Rocky
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
Yesterday at 7:55 am by Rocky
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
Yesterday at 7:45 am by Rocky
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
Yesterday at 7:44 am by Rocky
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
Yesterday at 7:43 am by Rocky
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
Yesterday at 6:57 am by Rocky
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
Yesterday at 6:56 am by Rocky
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
Yesterday at 6:54 am by Rocky
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
Yesterday at 6:53 am by Rocky
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
Yesterday at 6:51 am by Rocky
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
Yesterday at 6:49 am by Rocky
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
Yesterday at 5:09 am by Rocky
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
Yesterday at 5:08 am by Rocky
» Iraq's oil exports rise despite OPEC+ cuts
Yesterday at 5:06 am by Rocky
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
Yesterday at 5:04 am by Rocky
» Al-Araji emphasizes working to strengthen national identity
Yesterday at 5:02 am by Rocky
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
Yesterday at 5:01 am by Rocky
» Iraq is talking about producing one million additional liters of gasoline
Yesterday at 4:59 am by Rocky
» The Council of Ministers approves the implementation of the Baghdad Metro project
Yesterday at 4:56 am by Rocky
» Minister of Commerce: We formed a joint economic committee with Türkiye
Yesterday at 4:55 am by Rocky
» Resources: Government measures have contributed to improving the water situation in Iraq
Yesterday at 4:53 am by Rocky