QCB affirms importance of financial inclusion

DOHA: Qatar Central Bank (QCB) Governor HE Sheikh Abdulla bin Saoud Al Thani has reaffirmed the State of Qatar’s commitment to financial inclusion and efforts to introduce financial literacy at an early stage. The twin objectives are part of the QCB’s well-thought-out plan, he said.
Opening the 4th phase of the National Strategy for Inclusion & Financial Education, here yesterday the central bank Governor said financial inclusion has received global recognition after the financial crisis in 2008 and it has become a main pillar in building comprehensive and balanced development strategies in various countries of the world.
This comes due to its role in increasing productivity, achieving sustainable development and ensuring financial and social stability, Sheikh Abdulla added.
Making the public aware of the financial market activities and encouraging investments is part of the missions and specialisations the Qatar Financial Markets Authority issued the Authority’s Law No. 8 of 2012. Promoting financial inclusions is also one of the main five goals of the Second Strategy for Financial Sector Regulation (2017-2022), which was launched last December and is a continuation for the achievements of the first strategic plan 2012-2016,he said.
Coming from the State’s interest in financial inclusion and financial literacy, a national committee on the matter has been established with the membership of representatives of all ministries, entities and institutions that are relevant. The committee was formed in order to set a national strategic plan for financial inclusion and financial literacy in the State where the central bank Governor revealed that the committee has made considerable efforts on this matter.
The Governor added that the committee has concluded the first three phases which included a survey and qualitative and quantitative evaluation on the work needed, as well as setting a general plan. Sheikh Abdulla added that the committee is now beginning its fourth and final phase which includes drafting the strategy document through the different workshop reports which will be discussed in this forum.
HE the Governor thanked the president and members of the national committee for financial inclusions and financial literacy , and to all the different staff for the efforts made, as well as all the entities that took part in accomplishing the strategic plan which serves the goals of Qatar National Vision 2030.
Financial inclusion is the process by which a wide range of financial services and products which are officially controlled for the appropriate time and price, reach to all members of the society.