Unlocking innovation in the Middle East through financial inclusion
May 2, 2016 Editor 0
I recently attended an SME Conference in Jordan around SME Finance and Employment – extremely important issues in a troubled region. All participants agree that much more needs to be done to address the lack of jobs in the region and to increase financial access at all levels, to individuals, households and small and medium scale enterprises (SMEs).
The Middle East remains the most financially excluded region in the world despite being a middle income region.
Only 4% of unbanked adults in the Middle East say that they don’t have an account because they don’t need one. In other words, it is clear there is widespread unmet demand for financial services.
A person living in the Middle East is less likely to have a bank account than is a low-income person living in Africa or South Asia, and significantly less likely than a person living in Latin America, Eastern Europe or East Asia from comparable middle income country or region. This poses a dilemma – why?
Categories: World Bank PSD
Subscribe to our stories
- Lessons from Five Years of Helping Governments Foster Incentives Transparency February 18, 2017
- Spatial Growth Solutions, Multi-Stakeholder Engagement, and Fish: Innovative Public-Private Dialogue in Mauritania’s Nouadhibou Free Zone February 18, 2017
- Making climate finance work in agriculture February 18, 2017
- Using a value chain approach to focus animal genetic interventions February 18, 2017
- Looping in local suppliers rather than forcing out international firms February 18, 2017