Democrance at centre of discussion on advancing financial inclusion in MENA region

Thursday, April 7, 2016

The 2nd Electronic and Mobile Payments in the Arab World Conference, organised by Arab Advisors Group, under the patronage of HRH Princess Sumaya bint El Hassan of the Hashemite Kingdom of Jordan, was held this past Monday, April 4 in Amman, Jordan. HRH Princess Sumaya opened proceedings, highlighting that a full array of financial services, including insurance is required to advance financial inclusion in Jordan.

Founder and CEO of Democrance, Michele Grosso then spoke as part of a panel session on “The Future of Payments in the region: the role of electronic and mobile payments in promoting financial and economic inclusion”. Along with representatives from GIZ, the Association of Banks in Jordan and other members from the private sector, they discussed how different public and private players can help provide financial services to the unbanked population across the Middle East and North Africa (MENA), a region which only has a microinsurance penetration of 0.3%.

Consequently, there is room for endless opportunities and a focus was placed on the importance of the mobile channel, which can increase penetration amongst this unbanked population, as currently 3 out of 4 Jordanians do not hold a bank account.