Financial inclusion and sustainable development

Monday, May 13,

Financial inclusion and sustainable development
Abdul-Zahra Mohammed al-Hindawi

A year ago, the Central Bank of Iraq launched its national strategy for financial inclusion in Iraq, and witnessed the debate of the financial and business community at the time a wide debate, and various speculation, most of them was blasphemous towards the possibility of achieving the objectives of this strategy, to the extent that some counted "dreams birds, In the context of the facts of the Iraqi reality, which is experiencing a lot of problems
And contradictions.

One of the most prominent of these challenges is the absence or lack of trust between the citizen and the bank, as a result of certain circumstances and policies, which caused the existence of a general state of financial decline, represented by the reluctance of citizens to deal with banks, to the extent that the phenomenon of "home compactness" has become prevalent, Which led to the suspension of the financial and economic cycle of a huge mass of cash, estimated at 77 percent of the volume of currency traded, was outside the walls of the banking system, chunky at home, with the risk of risk of loss of these funds,
And development.

It is natural that such indicators would paint a pessimistic view of the financial sector in Iraq
, And thus represents an opportunity for pessimists to launch their predictions impossibly or at least difficult to pursue the objectives of the strategy of financial inclusion, which aims to provide banking and financial services to different segments of society, to achieve one of the objectives of sustainable development,
United Nations.



Iraq went on the knees of the international community to achieve those goals, and in return the optimists were unleashing their dreams unleashed, stressing that the scene will change, and that confidence will return, and we will get rid of the phenomenon of hoarding money home, to come to the owners to deposit in

Banks.

Between the teams of pessimism and optimism, the Central Bank has been working on the implementation of this strategy, in cooperation with government banks and private banks, and the latter, may enter the first time in the arena of competition with government banks, and was the result of this competition, in the implementation of the strategy of financial inclusion , The project to settle the salaries of state employees, and private banks have a good area in this resettlement project, to the extent that some of them outnumber citizens, the government, the result of privileges and ease of procedures provided to customers, it is very clear that there has been a positive change in the scene Financial and Monetary For the Iraqis, after the launch of the strategy of the Central Bank, and indicators of this positive change, is the rise of the proportion of banking industry to 23 percent at the end of 2018 after the ratio of 11 percent in 2014, "as announced by the Association of Iraqi private banks in a report issued recently.

When we talk about an increase of more than 50 percent in the number of customers with banks, this is an important indicator, confirming that the signs of improvement continue to emerge, and the extent of financial coverage in a constant expansion, without forgetting to say, the proportion of (23) Is not large at a time when the percentage of those who have bank accounts around the world to more than 70 percent of the adult population, but can not in any way compare our situation, as other countries preceded us in this regard, while Iraq faced conditions that were not easy Has caused a decline in many development sectors, including the sector
Banks.

In summary, what we can now diagnose is that there is an improvement in the type of relationship between the citizen and the banking sector, which would enhance the policy of opening up the trade by investing the monetary mass, which was absent due to lack of confidence.

There is no doubt that the return of this confidence and steps may seem slow, but it will be established to open the horizons and bridges important to expand the scope of financial coverage, and I think we are close to watching small ATMs


, And spread everywhere, in the vendor of greenery, and in the oven and the barber at the barber, and certainly that the prevalence and spread of this scene requires great efforts by all concerned, to achieve comprehensive financial coverage, in the pursuit of the goals of sustainable development, as the banking sector One of the most important

Their paths.


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