Qatar Tops Arab Financial Inclusion

According to a recent study, Qatar is the leading Arab country in terms of financial inclusion, with average bank accounts of 62% in 2014 and 69% in 2017 for the group comprising Qatar, the GCC, and Libya. The second group includes Lebanon, Jordan, Palestine, Egypt, Somalia and Maghreb economies (Algeria, Tunisia and Morocco), which have medium financial inclusion ratios between 25% and 45%. The third group includes Syria, Iraq, the Comoros, Mauritania, Sudan, Djibouti and Yemen, have rates of less than or equal to 23%, which is the average of Sub-Saharan Africa in 2011.

According to the study, the Association of Arab Banks believes that financial inclusion is a concept that aims to spread financial and banking products and services at reasonable costs to the largest number of individuals and institutions, especially the low-income groups of society, through official channels and the creation of appropriate financial services, at fair and competitive costs, to avoid resorting to channels and high-cost informal means that are not subject to supervision and accountability.

Source: Government of Qatar