KTFA – More News, Rumors and Opinions Tuesday Afternoon 4-30-2024

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Clare:  Financial inclusion organizes various events in Muthanna Governorate

4/30/2024

The Financial Inclusion Department at the Central Bank of Iraq and the Association of Private Banks organized the activities of the Arab Financial Inclusion Week at Al-Muthanna University – College of Management and Economics, in cooperation with the International Labor Organization.

The events included a seminar to introduce financial inclusion, a lecture on electronic payment and digital inclusion, as well as various lectures on financial stability, financial education, and the green economy project, in addition to concessional financing services for young entrepreneurs and businessmen.

It is noteworthy that these activities come within the Financial Inclusion Week, which began on April 27 and continues until May 2, with the aim of enhancing financial awareness and promoting financial inclusion in Iraqi society.

Central Bank of Iraq
Information Office
30 – April – 2024

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  The Financial Inclusion Week activities were launched in cooperation between the Central Bank, the Association of Private Banks, and a number of financial and banking institutions. Executive Director of the Association of Private Banks, Ali Tariq, told Al-Sabah:

The Central Bank and the Association of Banks have been working for a long time to launch Financial Inclusion Week throughout the country, as it continues for a week, and its activities are implemented in commercial centers, universities and other institutions, in coordination with the Arab Monetary Fund. And his supervision.

He added that financial inclusion aims to reach all segments of society and seek to integrate them in order to obtain banking services such as credit, deposits, and others.

He explained that there is a significant growth in the rate of financial inclusion, and this is due to the efforts of the government and the banking sector, as well as the launch of the Central Bank’s inclusion strategy. 

Tariq continued that inclusion contributes to reducing poverty and creating new job opportunities by enabling individuals to start their projects, and this reflects positively on enhancing economic stability as well as supporting small and medium-sized companies, in addition to the fact that inclusion also focuses on women and attempts to improve their economic conditions by empowering them.

During Financial Inclusion Week, banks, electronic payment companies, and financial companies provide free bank account and prepaid card opening services, in addition to answering inquiries about other services such as loans, deposits, financial transfers, and others.

In turn, international financial inclusion expert Professor Sadiq Al-Shammari told Al-Sabah: Financial inclusion represents an important dimension in the comprehensive and sustainable development strategy because of its impact on improving growth opportunities and financial and social stability.

He added that banking mechanisms and the advantages resulting from the use of electronic payment methods closely linked to banking will help expand the phenomenon of financial inclusion to become double what it is today, indicating that the number of banking operations will increase at acceptable rates commensurate with the targeted plans in this regard.

As for the advisor to the International Smart Card Company, Ghazi Al-Kinani, he told “Al-Sabah”: Electronic payment companies and private and government banks, in cooperation with the Central Bank, have made great efforts to interact citizens with banking products and enhance trust between the two parties. 

Financial inclusion means disseminating financial and banking products and services at reasonable costs to the largest segment of society, institutions, and individuals, especially low-income segments, in contrast to financial exclusion, which excludes these segments.   LINK

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

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