For the purposes of the National Strategy for Financial Inclusion in Palestine, financial inclusion has been defined as: “Enhancing the access and use of all segments of society for financial services and products from official channels, which are commensurate with their needs at reasonable cost and time, protecting their rights and enhancing their financial knowledge to enable them to take the appropriate financial decision.”
The definition included the three dimensions of financial inclusion: access, use, and quality, with a focus on protecting the rights of the financial consumer, which is extremely important to ensure the continuity and quality of financial inclusion.
The National Strategy for Financial Inclusion in Palestine aims to achieve the following vision: “Towards a developed financial sector that meets financial needs to improve living conditions and enhance social welfare.”
The main objective of the financial inclusion strategy in Palestine is to “increase the current financial inclusion rate, which amounts to 36.4% of adult individuals, to reach a minimum of 50% by the end of the year 2025.”
The strategy aims to achieve a number of goals:
- Increasing the financial capabilities of the targeted segments of society
- Enhancing access to and use of official financial services by target groups that suffer from low rates of financial inclusion
- Promote and protect the rights of consumers of financial services and products
- Optimizing the role of information and communication technology in expanding the reach and use of formal financial services
You can also view the financial inclusion website by clicking here: Financial inclusion in Palestine (financialinclusion.ps)
