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Arab Day for Financial Inclusion
4/26/2018 12:00 AM

 

The Saudi Arabian Monetary Authority (SAMA) pays great attention to promote the level of financial inclusion in the Kingdom for its role in enhancing financial stability and economic growth, in addition to support sustainability development in accordance with Kingdom’s vision 2030 and its related strategic programs.

The Arab Day for Financial Inclusion will be held on 27 April 2018 under the theme “Enabling young people and entrepreneurs’ access to financial services”.

SAMA in cooperation with relevant entities promote the financial inclusion and particularly the accessibility of young and entrepreneurs to the financial services. Increasing the contribution of SMEs to 35% of GDP and increasing the number of adults with a bank account to 90% are among the important goals that the vision seeks to achieve.

Among the efforts paid to achieve this goal, diversifying the channels to access financial services, notably the initiative of bank’s agents, which contributes to increasing the number of establishments, and individuals who own a bank account. Through bank’s agents, the access to financial services become easier and swifter especially in small towns and villages. Moreover, SAMA encourages innovation in accordance with the promotion of responsible financial inclusion and the empowering of women. Efforts are also being made to design and develop a database of financial inclusion and foster cultural and financial awareness among different groups in the society, the youth in particular. SAMA is well aware of the technology role in boosting financial inclusion and fostering accessibility to financial services. Therefore, SAMA strives to enhance digital financial inclusion. It developed various financial payment systems, services and products. In addition, it encourages innovation in payment solution and digital financial services to reach all segments of the community across the Kingdom to benefit from these services in a sustainable and effective manner.

In conclusion, SAMA emphasized the importance of financial inclusion in promoting the financial systems and financial stability of countries and their role in supporting sustainability and economic growth. SAMA will continue its efforts in consolidating financial inclusion in line with the Kingdom’s vision 2030 framework in achieving its plans and programs.
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