The National Committee for Financial Inclusion in Palestine Holds Its Tenth Meeting

SadaNews Economy - The National Committee for Financial Inclusion in Palestine held its tenth meeting at the headquarters of the Capital Market Authority, co-chaired by the Capital Market Authority and the Palestinian Monetary Authority, with the presence of the Governor of the Monetary Authority, Mr. Yahya Shanar, the Chairman of the Board of the Capital Market Authority, Mr. Ammar Al-Akhr, and members of the National Committee for Financial Inclusion.

Mr. Ammar Al-Akhr, the Chairman of the Board of the Capital Market Authority, reviewed the Authority's key achievements in the field of financial inclusion, pointing to the continued strategic partnership with the Monetary Authority and all relevant institutions to enhance and solidify this concept as one of the pillars of economic development in Palestine. He asserted that, despite the severe challenges resulting from the Israeli aggression and its profound impacts on various aspects of life, the Authority continued its work to develop financial regulations and oversight, launching qualitative initiatives to protect customers and investors in non-banking financial sectors, enabling citizens to access financial services more effectively.

For his part, Governor of the Monetary Authority Mr. Yahya Shanar emphasized that promoting financial inclusion in Palestine is a national and economic priority that provides financial services to all segments of society through advanced means and at lower costs, explaining that the Monetary Authority has worked on developing the digital infrastructure of the financial sector and enhancing innovation through the use of banking applications, electronic wallets, and cards.

He also pointed out the importance of the government’s decision to adopt the electronic payment system ESADAD and the gradual reliance on electronic payment methods, in addition to the importance of launching the digital financial identity project and moving forward with the law to reduce cash usage and enhance the transition to a digital economy.

Additionally, the technical committee chaired by Mr. Iyad Al-Zaytawi and Dr. Bashar Abu Zaarour presented a report on the progress in implementing the requirements of the national strategy for financial inclusion for the year 2024, which included contributions from all relevant parties involved in executing the strategy, recent developments, and what has been accomplished in terms of programs and activities in this field.

The meeting witnessed important interventions from attendees centered around the importance of financial inclusion in achieving development and economic justice, in addition to its direct contribution to addressing unemployment and poverty indicators, which have increased recently due to the aggression. Attendees reaffirmed their firm commitment to continuing efforts to enhance financial inclusion at all relevant levels.

At the conclusion of the meeting, the leadership of the National Committee confirmed that completing the work and intensifying efforts to enhance financial inclusion levels would contribute to alleviating the repercussions of the economic crisis the homeland is going through, by enhancing access to and the quality of banking and non-banking financial services targeting all segments of society, especially marginalized groups.

It is noteworthy that the rate of financial inclusion increased from 36% at the launch of the national strategy to 54% in 2022, and is estimated at 61% by the middle of this year.