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My name is Ali Faroun. I am the Director of Consumer Relations and Market Conduct Department at Palestine Monetary Authority.
Palestine Monetary Authority has started an initiative
about consumer protection and awareness.
Despite the results of the last survey that was conducted in 2009,
the results show that there is low percentage of financial literacy
and knowledge about financial products
and financial services in Palestine.
The board of PMA took the initiative and started to build
and started to raise
and enhance the financial literacy for the people,
especially focusing on the youth and the young.
So on that side,
the board members of Palestine Monetary Authority took the decision to create a new
department at Palestine Monetary Authority which is called Consumer Relations and Market Conduct.
And this is the department assigned to enhance hundreds of the financial literacy
between the people and the youth,
and to follow-up the products and the banking services,
and to improve them and to develop the products
and to shift from the traditional products to electronic banking
and to enhance the usage of electronic banking through the youth and the people.
So in this area, also we are focusing to raise the financial literacy in rural areas and non-educated people,
especially in rural areas, to bring them to the financial sector,
to bring them to use the financial services and financial products from the banking sector.
Due to that, we manage to work with ESAF
as a good experience and provided us technical assistance in a lot of areas,
such as conducting surveys,
and providing us assistance in putting a strategy for coming five years,
providing us assistance in capacity building.
So we did the success stories with the ESAF project
and we are still running the project with ESAF.
We hope that we encourage and enhance the capabilities
and the knowledge of financial literacy in the people of Palestine,
especially in the youth and young people. Thank you.