Arab Monetary Fund Holds the 29th Meeting of the Arab Financial Inclusion Task Force (FITF)

The 29th Meeting of the Arab Financial Inclusion Task Force (FITF) kicked off today in Abu Dhabi, organized by the Arab Monetary Fund under the auspices of the Council of Governors of Arab Central Banks and Monetary Authorities. The Fund serves as the technical secretariat of the Task Force, which comprises directors of financial inclusion departments from Arab central banks.

A number of international and regional institutions are participating in the meeting as observers, including the World Bank, the German Agency for International Cooperation (GIZ), the Better Than Cash Alliance, the United Nations Department of Economic and Social Affairs - Financial Sector Office, and the Consultative Group to Assist the Poor (CGAP).

The Task Force aims to support the development of policies, promote cooperation, and facilitate the exchange of experiences among Arab countries in the field of financial inclusion. Its areas of focus include financial consumer protection, implementation of international standards, and enhancing financial awareness and literacy.

On this occasion, H.E. Dr. Fahad M. Alturki, Director General Chairman of the Board of the Arab Monetary Fund, underscored the importance of this meeting as a platform for exchanging experiences and coordinating on financial inclusion priorities. He commended the progress achieved by Arab countries, noting that the proportion of adults owning a financial account increased to around 50% in 2024, compared to 22% a decade ago. He also highlighted the remaining challenges, including the large size of the informal sector, limited digital infrastructure, low public trust in financial institutions, and the scarcity of suitable financial products for low-income groups.