Arab interest in financial coverage

28/4/2018 12:00 am

Capitals / follow-up morning

Positive effects of enhancing the concept of financial inclusion in societies in support of economies at the level of the state, including meeting the needs of all groups of society and supporting citizens financially, as well as meeting the requirements of savings and loans, financial and banking services, reducing unemployment and empowering young people and entrepreneurs, Enhancing economic and economic recovery.

The enhancement of financial inclusion in our Arab countries is of particular interest to policy makers in the light of the great need to support sustainable and comprehensive economic development that helps meet the challenges of unemployment and social justice. Arab World.
Financial coverage is simply that banking services are accessible to all groups of society in an easy, fast and affordable manner without recourse to savings, borrowing, insurance or other informal financial services that are not subject to any supervision or supervision.
The Arab Day for Financial Inclusion aims to contribute to raising awareness and introducing financial comprehension and requirements in Arab countries and related issues, policies and programs.

According to the latest statistics issued by the International Monetary Fund, the size of the informal economy in the Arab world about 65 percent of the total macroeconomic value of 1.8 trillion pounds, equivalent to 102 billion dollars, 44 percent of GDP, which is strongly reflected in small and medium enterprises.

The application of "financial inclusion" requires conducting studies on the available financial services and their suitability to the needs of the various groups of society, as well as the services to be applied in the future. This is what the Arab Monetary Fund (AMF) sought from the Arab Financial Inclusion Meeting yesterday to promote the concept at the international Arab level.

The central banks of countries are the main supporters of the application of the principle of "financial inclusion" by establishing rules and legislations to facilitate banking transactions in all their forms and to approve the provision of simplified financial services such as the use of mobile phones in electronic payments. Banks play an important role in achieving the principle of financial inclusion , By attracting groups that do not have banking transactions, through the creation of new financial products based on savings, insurance and means of payment and not only on lending and financing. In addition to the reduction of unjustified fees and commissions imposed on customers and inappropriate financial services that are paid in exchange for paying customers commissions, as well as taking into account the circumstances of customers and not burdened with loans.

Expanding the application of financial inclusion services requires the establishment of a network of branches of financial service providers and attention, and the establishment of small offices to finance projects infinitely
Small.

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