The Council calls on
Supporting access of all groups of society, micro, small and medium-sized enterprises to financial services
Encouraging the use of modern financial technologies to enhance the financial inclusion
Promote the culture of responsible finance in the banking industry
The Council of Arab Central Banks and Monetary Authorities Governors gives a great attention to enhancing the access to finance and financial services in Arab countries. The Council is mindful of the substantial potential opportunities that can be achieved through the enhancing of financial inclusion to support inclusive and sustainable development, meet the challenges of unemployment, and achieve social justice.
In this connection, in light of the increasing need to further raise awareness of the importance of financial inclusion and its aspects for all parties in the Arab countries, the Council of Arab Central Banks and Monetary Authorities Governors in 2016 has proclaimed the 27th of April of every year as the Arab Financial Inclusion Day. This year, the Arab financial Inclusion Day is celebrated under the slogan “Financial Inclusion for Sustainable Development”. On this occasion, the Council reiterates its support to the efforts exerted by the international community to enhance financial inclusion and its link to achieving sustainable development, primarily the efforts of the G20, which adopted financial inclusion topic as one of the main aspects of the economic and financial development program.
The Council is keen to see that financial inclusion issues in Arab countries are given the accord they deserve. Therefore, the Council has directed to launch a number of difference activities and initiatives in cooperation with relevant regional and international organizations. These efforts were further enhanced when the Arab Monetary Fund has, under the Council’s auspices and in cooperation with a number of regional and international organizations, launched FIARI (Financial Inclusion in the Arab Region Initiative) aimed to empower and enhance capacities and capabilities to overcome the obstacles that hinder financial inclusion indicators in Arab countries. In this connection, the Council values the comprehensive model of statistical surveys detecting demand on financial services in Arab countries.
This comprehensive model relates to financial services provided by individuals, companies, and micro, small and medium-sized enterprises, which was developed under this initiative. The Council calls on implementing this model in all Arab countries to help improve financial inclusion indicators and adopt appropriate policies and strategies.
The Council also values the steps and actions taken by Arab countries to promote financial inclusion, and reiterates the importance of including all society categories and sectors in the formal financial system, namely the youth, women, entrepreneurs, micro, small, and medium-sized enterprises by enhancing their access to, and use of, financial services and products that suit their needs at reasonable costs and conditions, and by protecting their rights and improving their knowledge and awareness of financial issues so that they can make sound investment decisions.
The Council stresses the increasing importance of using modern financial technologies in financial and banking sectors, and the significant and accelerated growth witnessed by the industry of such technologies and their related services world-wide, in addition to the great potentials offered by these technologies and services in terms of enhancing the efficiency of financial and banking operations, particularly in the area of supporting the opportunities to access finance and financial services and encourage entrepreneurship. This requires continuous consultations about the consequences and directions of using such technologies, in a pursuit to maximize the benefits they provide on one hand and limit the negative impacts on the soundness and integrity of the financial and banking operations on the other hand. In this connection, the Council welcome the launch of regional task force on modern financial technologies by Arab Monetary Fund, which aims to study issues related to modern financial technologies, consult, and share expertise and knowledge about the same in order to crystalize different visions on how to activate and regulate those technologies in Arab countries.
In conclusion, the Council calls on all member states to participate in the events of the Arab Financial Inclusion Day by implementing the events and activities that promote and highlight the vision of financial inclusion and its objectives. We wish you all the best of success in your endeavors and hope that you achieve the desired objectives.
QNB Group enhances financial inclusion to achieve economic sustainability
QNB Group is always keen on providing financial products and services tailored to support the small and medium enterprises (SME) sector. Through this, the Group aims to support young Qatari entrepreneurs in creative ways that help empower them and enhance their financial awareness, thus achieving the sustainability that is required by the 2030 Qatar National Vision.
The support of SMEs holds an important position in QNB Group’s general strategy due to the importance of these enterprises in enhancing Qatar’s knowledge-based economy in line with the country’s national vision. Due to the great importance QNB Group places on this support, it is at the forefront of the national organizations supporting the efforts to spread the culture of responsible financing in the Qatari banking sector.
These efforts come as part of QNB Group’s awareness of the importance of financial inclusion and its continuous efforts to support financial stability and support the achievement of sustainable development through the implementation of multiple programs and initiatives aimed at reaching all segments of society, especially youth, women, and entrepreneurs.
QNB always seeks to sponsor and participate in international events that aim to promote awareness of the importance of financial inclusion, including its annual sponsorship of the Qatar Money Week organized annually under the supervision of the Qatar Financial Centre (QFC) and the Dutch embassy in a number of schools across the country from 11-15 March. QNB also annually sponsors the Qatar Business Incubation Center – which operates under the Qatar Development Bank – which chooses every year a number of new startups to incubate and support across multiple sectors, including tourism, healthcare, human resources, education, fintech, and ecommerce.
QNB Group had won the “Best SME Supporter” in the “Best Credit Portfolio Management” category in 2018, in appreciation of QNB’s role in supporting the “Al Dhameen” indirect facility program, one of QDB’s most successful initiatives aiming to offer SMEs in Qatar the required support to achieve more growth.
The Bank also seeks continuously to develop the quality of its e-banking services to provide its customers with the best banking experience to enhance their financial inclusion.
The new services offered by the latest version of the QNB Mobile Banking app is the Cash@Speed service, which allows customers to avail instant cash advances, as well as the option to book appointments at QNB branches, the Mobile Cash service, which allows customers to transfer cash to any Qatari mobile phone number to be withdrawn at any QNB ATM, and the augmented reality service using the mobile device’s camera that allows customers to locate and find their way to the nearest branches and ATMs using Google Maps or Apple Maps.
The QNB Mobile Banking application is available on iPhones, Android smartphones, iPads, Android tablet devices, and on kiosts at QNB branches in Arabic, English, and French.
QNB won numerous awards in recognition of the excellence of its e-banking services, the latest of which were “Best Mobile Banking Application” and “Best Digital Bank in the Arab Gulf Region” during the “Arab Banks Digital Excellence 2018” awards.