Repercussions of COVID-19 highlights importance of deploying Fintech for financial inclusion

Repercussions of COVID-19 highlights importance of deploying Fintech for financial inclusion

CAIRO – 27 April 2021: The current developments and the negative repercussions of the COVID-19 pandemic have clearly highlighted the great importance of deploying Fintech for the purposes of financial inclusion, and the need to enhance digital financial services and familiarize users with them, according to the Secretariat of the Council of Arab Central Banks and Monetary Authorities’ Governors.

 

It added that the pandemic has increased the demand for digital financial services and made the need to accelerated digital transformation and improved digital financial services a critical issue in economic policies in the Arab region.

 

This came in a statement issued on Arab Day for Financial Inclusion - April 27, 2021, which comes under the theme of “Role of Digital Transformation in Increasing Financial Inclusion”.

 

According to the statement, the issue of promoting access to financing and financial services in the Arab countries is receiving great attention from the Council of Arab Central Banks and Monetary Authorities’ Governors, in recognition of the potential and great opportunities that can be achieved through enhancing financial inclusion to support inclusive and sustainable economic development, address unemployment challenges, and achieve social