The Governor of the Monetary Authority Participates in the Forum "Financial Inclusion for Comprehensive Growth" in Cairo and Reviews the Shift Towards Cashless Payments

SadaNews: His Excellency the Governor of the Monetary Authority, Mr. Yahya Shanar, participated in the activities of the forum "Prospects and Future Policies: From Financial Inclusion to Comprehensive Growth" held in Cairo, Egypt, where Palestine was among the countries with the highest diplomatic representation at the forum, with a high-level participation that included His Excellency Mr. Mohamed El-Etrebi, Chairman of the Board of Directors of the Union of Arab Banks and the Federation of Egyptian Banks, His Excellency Ambassador Dr. Mohamed Ahmed El-Ni, Secretary-General of the Arab Economic Unity Council at the Arab League, His Excellency Dr. Wissam Fattouh, Secretary-General of the Union of Arab Banks, His Excellency Mr. Basel Rahmi, CEO of the Project Development Agency, and His Excellency Mr. Hamam Ben Jreid, Executive Director of the Arab Gulf Programme for Development (AGFUND), along with representatives from the Union of Arab Bankers, the Arab Union for Small and Medium Enterprises, and a number of officials from central banks and regional and international financial institutions.

During the sessions of the forum, the Governor reviewed the efforts of the State of Palestine and the Monetary Authority in promoting financial inclusion, pointing to the successes achieved in expanding the base of beneficiaries of financial services, particularly increasing financial inclusion rates among women and improving access to financial services in marginalized and rural areas. He emphasized the importance of adopting policies and programs targeting the less fortunate groups to achieve equity in access to financial services and support pathways for comprehensive economic development, along with the progress made in developing the financial sector and enhancing the efficiency of provided services, despite the circumstances faced by Palestine, including difficult economic and financial challenges.

Shanar also addressed the Monetary Authority's efforts in enhancing the shift towards electronic payments and reducing reliance on cash, pointing to the recent issuance of a law aimed at reducing cash usage, which represents a strategic step towards supporting the digital payment system and enhancing transparency and efficiency in the financial system. He affirmed that the Monetary Authority continues to work on implementing this direction in partnership with various relevant stakeholders from both the public and private sectors.

The forum witnessed extensive discussions on the digital payment system and the role of innovation in promoting financial inclusion, where the importance of digital banking service platforms in expanding access for unbanked groups and reducing operational costs was emphasized. Additionally, the collaboration between banks, telecommunications companies, and payment service providers (PSPs) was highlighted, along with discussing the role of regulatory frameworks and modern technologies, including instant payment applications, digital identity solutions, and "Know Your Customer electronically" (e-KYC) procedures, which contribute to accelerating access to financial services and supporting the digital economy.

On the sidelines of the forum, the Governor held a series of bilateral meetings with several representatives of financial institutions, during which ways to enhance joint cooperation and exchange experiences, particularly in the fields of financial digitization, empowering financially excluded groups, and developing modern payment systems were discussed.

The Governor also participated in the first Audit and Control Committee meeting of 2026, held in Cairo, where the meeting addressed several issues related to enhancing auditing, supervision, and governance frameworks in financial institutions, and supporting the efficiency of monitoring and compliance systems, contributing to raising the level of transparency and institutional compliance. During the meeting, the Governor emphasized the importance of these efforts in strengthening the resilience of the financial sector and consolidating financial stability, reiterating the Monetary Authority's commitment to continue developing oversight tools and enhancing the effectiveness of regulatory frameworks to support the safety and sustainability of the financial system.