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Financial Inclusion has never been more essential!

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.

Financial Inclusion refers to the access of individuals and businesses, to the products and services of formal financial institutions– transactions, payments, savings, credit, and insurance– at a reasonable cost and in a sustainable model.

Financial inclusion has been broadly recognized as a critical tool in reducing poverty and achieving inclusive economic growth, where greater access to financial services enables the marginalized groups to step out of poverty and reduces the inequality in society. It not only benefits individuals, but collectively it develops the entire economy and accelerates economic growth

According to the Council of Arab Central Banks and Monetary Authorities Governors, 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.

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