The Council of Arab Central Banks and Monetary Authorities Governors stressed the importance of bolstering financial inclusion to promote comprehensive and sustainable economic development.
On the occasion of the Financial Day for Financial Inclusion, which falls on April 27, the Council said: “There is no doubt that the current developments and the repercussions of the spread of the novel coronavirus, clearly highlighted the great importance of financial inclusion and the need to promote applications of digital financial services, and to educate users of these services.”
“The Council affirms its support for the international community in enhancing financial inclusion, especially the efforts made by the G20 under the presidency of the Kingdom of Saudi Arabia (KSA),” the statement added.
The Group underlined to need to bestow “special attention to supporting the access by young people, women, and micro, small and medium enterprises (MSMEs) to financial services by tapping into the latest technologies, as well as awareness-raising and community education efforts which increase the chances of success of Arab countries’ efforts and policies in this regard.”
In remarks on the occasion, the Director-General Chairman of the Board of the Arab Monetary Fund, Dr. Abdulrahman Al-Hamidy, emphasized the vital role of financial inclusion in addressing the economic challenges affecting growth.
He noted that this goal could be reached by rallying resources to maximize investment rates and create new job opportunities, according to the statement.
