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QCB governor affirms importance of financial inclusion

  • 23 January 2018
  • Author: QT01
  • Number of views: 1475
QCB governor affirms importance of financial inclusion
Tribune News Network
Qatar is making steady progress in its pursuit of making financial services accessible to all individuals and businesses, Qatar Central Bank (QCB) Governor Sheikh Abdullah bin Saud al Thani has said.
He was addressing a forum that discussed the fourth and final phase of preparing the Qatar National Financial Inclusion and Financial Literacy Strategy.
Expressing satisfaction at the efforts made by a committee established to formulate the national strategy, the governor said financial inclusion has received global recognition after the recession in 2008.
Financial inclusion has become a pillar in building comprehensive and balanced development strategies in various countries, he said, noting that the process has a pronounced role in increasing productivity, achieving sustainable development and ensuring financial and social stability.
Financial inclusion is a process by which a wide range of financial services and products, which are officially controlled at the appropriate time and price, reach all members of the society.
Citing the Law No 13 of 2012, Sheikh Abdullah said financial inclusion was embedded into the central bank’s mission. A full chapter of the QCB law is devoted to protecting clients and providing for their rights, the governor elaborated.
To underpin his point further, the governor referenced the Qatar Financial Markets Authority Law No 8 of 2012, which is aimed at increasing people’s awareness of the financial market activities and encouraging investments.
Promoting financial inclusions is also one of the five goals of the Second Strategy for Financial Sector Regulation (2017-2022), which was launched last December. The Second Strategy seeks to build on the achievements made by the first strategic plan 2012-2016, he said.
The national committee for financial inclusion strategy, which draws representations from all ministries and relevant institutions, has successfully completed the first three phases preparing the strategy.
They included a survey and qualitative and quantitative evaluation of the work needed, as well as creating a general plan. Sheikh Abdullah said the committee is now beginning its fourth and final phase, which includes drafting the strategy document through the different workshop reports that were discussed at the forum.
The governor also thanked the president and members of the national committee and all staff and participating institutions for the efforts they made in accomplishing the strategic plan, which serves the goals of Qatar National Vision 2030.
Categories: Local News
Tags: QCB
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