Shammari: financial inclusion key to economic development


27/10/2016-11:21



Member of the International Union of Arab bankers Dr Sadiq al-shammari, the reality of the economy requires adopting a comprehensive national strategy to promote financial inclusion and financial services decision makers and donors should promote financial inclusion to ensure the availability of services to all individuals including limited incomes.

Shammari said in an interview for "the economy news financial inclusion requires the capacity of individuals and businesses to financial services and use them effectively and responsibly, note that 38 percent is equivalent to 2 billion of the world's population not reached formal financial systems welaitmtoun with the ability to obtain formal financial services in accordance with the specialized international centres data.

The newly opened experience towards implementing strategies financial inclusion in the country and the Central Bank of Iraq had a role in this aspect so that the initiative to grant a loan of 5 billion dollars, 6.5 trillion dinars "to promote financial inclusion strategy of the Iraqi economy.

He noted that the mainstream financial services plays a big role in achieving the goals of sustainable development, which requires promoting access formal financial services through various banks and financial institutions to various community groups of individuals and enterprises by means of appropriate conditions and at a reasonable cost to enhance financial stability and overall economic and social development.

And among small and medium-sized enterprises and micro-positively affected financial inclusion as a result of the spread of banking services to individuals and institutions where the diversity of needs of consumers, thus increasing the types of goods and services produced. As well as the increase of the consumer to purchase, leading to increased sales in new markets.

He continued as financial inclusion represents an important dimension in the strategy of comprehensive and sustainable development because of its impact on improving opportunities for growth and financial stability and it should work on all financial services delivery to all the slides, including the poor and low income promise key clients for banks, and to be fair dealing and transparency in the pricing of services.

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