AMF to launch regional initiative for financial inclusion

BEIRUT, April 27 (KUNA) -- The Arab Monetary Fund (AMF) is planning to launch a regional initiative for boosting financial inclusion in the Arab World, the AMF Director General Board Chairman Abdulrahman Al-Hamidy said on Thursday.
The AMF's strategy for 2016-2020 pays major attention to financial inclusion as the fund has formed a task team to work on the issue under the umbrella of the Council of the Governors of the Arab Central Banks and Monetary Agencies, Al-Hamidy added in a televised statement delivered to a ceremony marking the Arab Day for Financial Inclusion, Beirut.
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable.
The team is working hard with all the regional and international institutions to exchange expertise and review the best world practices, for the launch of relevant strategies in the Arab world.
Al-Hamidy stressed the significance of inclusive financing policies and strategies for realizing financial stability, economic growth and sustainable development.
On his part, head of the current session of the Council of the Governors of the Arab Central Banks and Monetary Agencies Abdulativ Al-Juwehri als said in a televised statement that "social justice is basic for success in economy," underlining the importance of financial inclusion in this respect.
The Arab central banks have sought, in cooperation with the AMF, to push ahead inclusive financing in the Arab World.
Financial inclusion has had a positive effect on Lebanon thanks to the projects launched by the banking sector, supported by the Banque Du Liban (Lebanon's central bank), said Governor Riadh Salama.
Financial infrastructure and systems, innovative financial products, financial capabilities and behavioral sciences, as well as financial consumer protection were the major topics discussed by three sessions held as part of today's event marking the Arab Financial Inclusion Day. (end) ayb.msa