THE ARAB MONETARY FUND RELEASES THE ANNUAL REPORT ON THE ACHIEVEMENTS OF THE FINANCIAL INCLUSION INITIATIVE FOR THE ARAB REGION IN 2020

by **claud39** Wed Feb 10, 2021 9:56 am

THE ARAB MONETARY FUND RELEASES THE ANNUAL REPORT ON THE ACHIEVEMENTS OF THE FINANCIAL INCLUSION INITIATIVE FOR THE ARAB REGION IN 2020
2021-02-09

Launching financial inclusion strategies in the Arab countries

Enhancing awareness and knowledge of financial inclusion

The implications of the Corona pandemic for financial inclusion and opportunities

Capacity building, production and knowledge dissemination in the area of financial inclusion

Supporting digital financial transformation opportunities in the Arab countries and helping to build national strategies for modern financial technologies

Within the framework of the efforts made by the Arab Monetary Fund in cooperation with partner institutions in the Financial Inclusion Initiative for the Arab Region in terms of strengthening financial inclusion policies with the aim of supporting financial bodies and authorities in Arab countries, to enhance dialogue, coordination and regional cooperation in the Arab region through the exchange of knowledge and experiences, and thus benefit from Experience and capacity building, and conducting studies and research in the field of financial inclusion, the fund issued the annual report on " Achievements of the Financial Inclusion Initiative for the Arab Region in 2020 ".

On September 14, 2017, the Arab Monetary Fund launched the Financial Inclusion Initiative for the Arab Region in cooperation with the German Agency for Development (on behalf of the German Federal Ministry for Economic Cooperation and Development) and the Global Alliance for Financial Inclusion, with the participation of the World Bank.

The initiative is considered one of the main drivers for enhancing levels of financial inclusion in the Arab region, and is a translation of the efforts of the Arab Monetary Fund in providing technical support to its member states, developing the capabilities of their technicians, improving means of knowledge and supporting policy makers, in order to contribute to achieving comprehensive and sustainable long-term development.

The issuance of the report comes to introduce the activities of the Financial Inclusion Initiative for the Arab Region during the year 2020, as the initiative has proven its effectiveness and its close link with the priorities of policymakers and supervisory authorities in Arab countries to establish aspects of integration and partnership between the public and private sectors, to enhance financial inclusion in order to achieve comprehensive and sustainable economic development in the Arab region.

During the year 2020, the initiative implemented a series of capacity building programs, and organized several high-level conferences, learning forums and the development of methods and tools, in addition to knowledge products. In this context, the initiative worked to keep pace with the launch of financial inclusion strategies in Arab countries by organizing a workshop on “Building and implementing national strategies for financial inclusion in Arab countries” in cooperation with the Global Alliance for Financial Inclusion, in recognition of the increasing importance of strategies and programs to enhance financial inclusion in light of The Corona pandemic and the need to accelerate the digital financial transformation, with the aim of helping Arab countries to enhance their capabilities to implement national financial inclusion strategies.

In the same context, the World Bank provided material support and technical assistance to a number of Arab central banks to develop and implement national strategies for financial inclusion by supporting the conduct of supply and demand side surveys, formulating policies and procedures for designing strategies, in addition to conducting awareness campaigns and financial education, and establishing the regulatory laboratory for financial technologies. Modern.

With regard to enhancing awareness and knowledge of financial inclusion , the Arab Monetary Fund, in cooperation with the German Agency for Development and the World Bank, organized a workshop on “Digital Education and Consumer Protection of Financial Services in the Era of Modern Technologies”, in recognition of the increasing importance of responsible finance and the application of international guidelines related to digital financial inclusion from By employing modern technologies, taking into account potential risks. The workshop also included reviewing the experiences of a number of central banks and Arab monetary institutions.

Realizing the importance of dialogue and consultation on the implications of the spread of the Corona pandemicAnd the importance of digital transformation to face these repercussions, the Arab Monetary Fund, in cooperation with its partners in the Financial Inclusion Initiative for the Arab Region, organized a series of virtual "remote" meetings on the implications of the new Corona virus on financial services and financial inclusion, and the need to enhance and accelerate the transition to digital financial services, with the participation of A number of regional and international financial institutions. These meetings provided an opportunity to exchange experiences and opinions on accelerating developments regarding the impact of the Corona pandemic on financial inclusion and financial services, safety and efficiency of payment and settlement systems in Arab countries and around the world, as well as on relevant developments and their trends, appropriate current and future policies, and the role of regulatory and supervisory authorities in mitigating The risks arising from the pandemic, in addition to the support that the financial inclusion initiative can provide in light of the repercussions of this crisis.

On the other hand, the initiative focused during the year 2020 on supporting digital financial transformation efforts in the Arab countries. The initiative's partner institutions issued a vision document on the “Framework for Digital Financial Transformation in the Arab Countries” . The document provided a roadmap towards the transition to digital financial services and the requirements for policies and procedures in this regard. Partner institutions seek to mobilize efforts to help Arab countries implement the requirements for successful digital financial transformation. In this context, and in recognition of the importance of accelerating the transition to digital financial services, the Arab Monetary Fund, in cooperation with the German Agency for Development, organized a training workshop on "Building National Strategies for Modern Financial Technologies" with the aim of providing the legislative and regulatory environment supportive of the financial technology industry that encourages innovation, thus contributing to the expansion of the market. Modern technologies and improving the performance of institutions working in this industry and their services.

In the context of capacity building, partner institutions continued to support the implementation of statistical surveys that were prepared within the framework of the initiative. The Arab Monetary Fund, in cooperation with the German Development Agency, organized a training course on “Application of the Field Statistical Survey Model for the Demand Side of Financial Services”, with the aim of helping Arab countries to Enhancing its capabilities with regard to the implementation of the survey for households and companies, in line with the reality of Arab societies in accordance with the best international standards and practices that support building financial inclusion strategies The Fund, in cooperation with the International Monetary Fund, organized a training course on "inclusive growth."

In conclusion, the report touched upon the publications of the Arab Monetary Fund within the framework of producing and disseminating knowledge related to financial inclusion issues , as a document of regulatory methodologies for innovation in modern financial technologies was issued, and a study on “financial inclusion in the era of technology-based globalization: small payments across borders and their prospects in Arab Countries, a study on “the effects of financial inclusion on the profitability of banks in the Arab countries,” a study on “banking competition and financial inclusion,” and a policy brief on “digital financial inclusion.”

The full version of the report in Arabic and English is available at the following links:

Arabic

English

https://www.amf.org.ae/en/fiari-publications/fiari-annual-report-2020

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