Daily News Egypt

Arab central banks council highlights digital transformation on Financial Inclusion Day - Daily News Egypt

Advertising Area

Advertising Area

Arab central banks council highlights digital transformation on Financial Inclusion Day

Implications of coronavirus highlight importance of accelerating transition to digital financial services, says regional council

The Council of Arab Central Banks and Monetary Authorities Governors has called its members to virtually celebrate the Arab Financial Inclusion Day, which falls on 27 April, to highlight the great opportunities that can be achieved by enhancing financial inclusion.

The repercussions of the spread of the COVID-19 clearly showed the great importance of financial inclusion and the need to promote application of digital financial services as well as educate customers on using them, the council said in a Monday statement.

The council affirmed its support for the international community’s efforts to enhance financial inclusion, especially by the G20.

In this context, the council calls upon the partner institutions to support the use of modern technologies in enhancing the access of young people and micro, small, and medium enterprises to financial services.

It also called on ministries of education, culture, and higher education in Arab countries to enhance awareness of modern financial technologies in coordination with the relevant authorities.

The council stressed the importance of the role of the regional working group on modern financial technologies launched by the Arab Monetary Fund in exchanging experiences and knowledge.

It added that statistics reflect the efforts made by the Arab countries in enhancing access to financial services. The percentage of the adult population in Arab countries who have access to formal financial services has risen to 37% on average, 26% for women, and 28% for low-income groups.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter