Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, opened today at the headquarters of Palestine National Authority, the first meeting of the National Financial Inclusion Strategy Working Committees. The meeting was attended by heads of the Technical Committee and the heads and members of the Working Committees and directors of Palestine Monetary Authority and Palestine Capital Market Authority. The purpose of the meeting was to start the tasks of the Working Committees as defined by the National Financial Inclusion Strategy of Palestine.
The Working Committees consist of the Technical Committee headed jointly by Mr. Ali Far’oun from Palestine Monetary Authority and Dr. Bashar Abu Zar’or from Palestine Capital Market Authority. The following are also in the Working Committees: Mr. Hamid Abu Mokho representing the Committee for Developing Financial Capacities and Skills, which the Ministry of Education and Higher Education heads; Mrs. Amal Daraghmeh al-Masri, representing the Women’s Committee headed by Ougarit Group; the Micro and Small and Medium Enterprises Committee representing by Mr. Ahmad Abu Bakir, who is also the General Manger of the Center for Supporting Small Enterprises; Mr. Salah al-Miemie, representing of the Committee for Developing Financial Products and Services, which is jointly headed by the Association of Banks in Palestine and Palestine Insurance Federation; the Information Technology Committee, represented by Palestine Information Technology Association of Companies (PITA); and Mr. Haidar Daghlas representing the Economic Media Committee headed by Palestine Broadcasting Corporation.
Mr. Shawwa stressed in the opening remarks the importance of joint coordination between the Committees and the stakeholders to accomplish their work and that each stakeholder must comply with the responsibilities in line with the National Financial Inclusion Strategy.
Mr. Shawa said milestones had been achieved in preparing the financial infrastructure to cater for boosting levels of financial inclusion in the framework of streamlining more effective work of the Working Committees especially after launching the electronic clearance system and completing the procedures of authorizing payment service companies and issuing instructions of financial inclusion account, which would allow professional, craftsmen, and those operating computing platforms to access financial service providers and benefit from financial sector services.
Mr. Shawwa affirmed that Palestine Monetary Authority and Palestine Capital Market Authority were ready to provide technical and administrative assistance and coordination with donors to ensure whatever available financial support for the activities of the Strategy. The heads of the committees praised the joint leadership of Palestine Monetary Authority and Palestine Capital Market of the National Financial Inclusion Strategy in Palestine. They confirmed that they would go ahead with tasks as planed in the Strategy and to ensure financial inclusion and to enhance capacities among target groups in the society.
The National Financial Inclusion Strategy aims to increase the rate of financial inclusion in Palestine as well as to realize the Palestinian vision of developed financial sector that fulfills the financial needs of improving individuals’ living standards and social welfare. The Strategy also aims to increase the rate of financial inclusion from 36.4% to a minimal of 50% by end of 2025 and to boost access of the community to financial services through appropriate official channels with reasonable cost and time, protect rights, and improve financial knowledge so that well-informed financial decisions can be taken.