From 7 to 9 April, the financial inclusion journeys of AFI’s Arab Region members were explored during a special event held to mark Arab Financial Inclusion Day, organized by AFI’s Arab Region Financial Inclusion Policy Initiative (ARFIPI).

Over three days, participants heard presentations from Ibtissam El Anzaoui and Hicham Akhmari (Bank Al-Maghrib), Azzelarab Rafik (Ministère de l’Economie et des Finances, Kingdom of Morocco), Khaled Bassiouny‏ (Central Bank of Egypt), Amr Ahmad (Central Bank of Jordan), Lalla Elghoth (Banque Centrale de Mauritanie), Mohanad Salous (Palestine Monetary Authority), and Fatima Bashir (Financial Inclusion Directorate, Central Bank of Sudan).

The event marked the 10th Anniversary of Arab Financial Inclusion Day, launched by the Council of Arab Central Banks and Monetary Authorities’ Governors as a way to raise awareness of the importance of financial inclusion for sustainable economic growth and social justice. 

“The financial inclusion achievements of the Arab region over the last decade are striking,” said AFI’s Director of Strategy, Member Engagement and Evaluation, Aban Haq. “We have seen cases of account ownership tripling, women’s financial inclusion increasing fourfold, and young people’s inclusion fivefold. Dialogues like this are extremely valuable because they help us to reflect honestly on what has worked, and why.”

“This event reflects our shared commitment to support each other in advancing financial inclusion,” said Ibtissam Anzaoui, outgoing Chair of ARFIPI’s Expert Group on Financial Inclusion Policy (EGFIP). “By sharing insights into our policies, innovations, regulations and partnerships, we can accelerate progress towards a more inclusive, resilient and accessible financial environment.”

While a forthcoming ARFIPI publication will detail insights and learnings from the countries’ respective experiences, some key reflections emerged from the event:

Team composition matters – organizational structure and in-house expertise are the primary engines of success. Building the right “institutional home” for inclusion initiatives is critical.

Mobile and instant payment solutions remain the most powerful drivers for rapid inclusion.

Objective-based systems are necessary to measure progress. Existing benchmarks provide a high-level view and may not reflect the real situation. There is a need for an Arab Region Data Portal to provide the granular, localized data needed to make informed policy decisions.

“This event has helped us to become better connected and aligned on achieving our common objective”, said incoming EGFIP Chair, Khaled Bassiouny. “Going forward, we will see much more cooperation between AFI’s Arab members, building on what has been accomplished during the last three days.”