Current Date:

Friday, 20 October 2017

CBOS Marks Arab Financial Inclusion Day

Khartoum -- The Central Bank of Sudan (CBOS) has set up a summer camp for the children of its personnel

. In during which the Bank organized an enlightenment session to brief the presence on Arab Financial Inclusion Day.
The Assistant to the m CBOS Governor Abdullah Al-Hassan explained that  the term financial inclusion by definition means: "financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable. Financial refers to all types of financial services, including credit, savings, payments and credit, from all types of formal financial institutions."
He called for making use of the day to promote the idea in aid of enriching the public education on matters related to banking and finance.
According to the World Bank, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Access to a transaction account is a first step toward broader financial inclusion since it allows people to store money, and send and receive payments. A transaction account can also serve as a gateway to other financial services, which is why ensuring that people worldwide can have access to a transaction account is the focus of the World Bank Group’s Universal Financial Access 2020 initiative.
Financial access facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies. As accountholders, people are more likely to use other financial services, such as credit and insurance, to start and expand businesses, invest in education or health, manage risk, and weather financial shocks, which can improve the overall quality of their live.