Press Release issued by The Secretariat of the Council of Arab Central Banks and Monetary Authorities’ Governors
2024-04-26
Arab Day for Financial Inclusion - April 26th, 2024
Under the overarching theme: “Encouraging Saving to Enhance Financial Inclusion”
The issue of financial inclusion receives great attention from the Council of Arab Central Banks and Monetary Authorities’ Governors, in recognition of the potential and significant opportunities that can be achieved by enhancing access to financial services in Arab countries to support inclusive and sustainable economic development. Undoubtedly, saving is considered one of the most important financial services that play an important role in promoting financial inclusion, economic stability, and development in general, as studies have proven that economies and economic groups with good levels of saving are more economically stable and able to withstand shocks.
Hence, the authorities in the Arab region have given special attention to encouraging saving, by supporting the development of new saving products that suit the needs of individuals, improving the financial infrastructure, and expanding the reach of financial services to all community categories through digital financial services, which contributes to inclusive and sustainable economic development.
Accordingly, the 2024 Arab Day for Financial Inclusion is celebrated under the theme “Encouraging Saving to Enhance Financial Inclusion”. In this context, it is important for the authorities to establish regulatory frameworks that provide fairness and protection for the saver in a way that enhances saving, and for the financial and banking sector to take the initiative to enhance the culture of saving and raise awareness of its importance in enhancing the financial independence of individuals, and to develop innovative financial products that suit the needs of all community categories and encourage them to save.
World Bank statistics for 2021 indicate that the proportion of the adult population in the Arab region who saves in formal financial institutions increased on average from 6% in 2011 to 10% in 2021. Despite the progress achieved, opportunities remain great, especially for financial and banking institutions, to improve access to saving products in Arab countries and target disadvantaged groups and promising regions by adopting relevant policies.
Within the framework of its strategy, the Arab Monetary Fund (AMF) has paid great attention to financial sector development, especially at the level of enhancing financial inclusion, with the aim of achieving sustainable and inclusive development and financial stability in Arab countries. In this regard, the AMF has worked in cooperation with Arab central banks to identify the obstacles and challenges that hinder the promotion of saving among all community categories, and supported the development of saving products and accounts that provide attractive returns and motivate saving, in addition to promoting the use of Fintech to facilitate access to saving accounts. Central banks have also worked to issue regulations that enhance fairness and transparency in saving products and the dealings of financial institutions with savers.
On this occasion, the Director General and Chairman of the Board of the Arab Monetary Fund, H.E. Dr. Fahad Alturki has stressed the importance and the role of financial inclusion in addressing the economic challenges that affect economic growth and development in general by mobilising resources to increase savings and investments and create new job opportunities. He has commended the efforts of the Arab central banks to give the necessary importance to issues of increasing financial inclusion within the framework of the economic policies adopted, and their support in benefiting from Fintech in providing financial services. Finally, Dr. Alturki has thanked the central banks, financial and banking institutions, and the banking associations in the Arab region for their efforts in launching activities on the “Arab Day for Financial Inclusion”, as they are important in achieving the desired objectives of the occasion.
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