The Central Bank obliges banks to provide financial services to people of determination and the marginalized – local economy


The Central Bank obligated banks to provide financial products and services that take into account the financial situation of people of determination and marginalized groups, so that they can open a bank account or obtain financing, or the ability to carry out financial transactions in a safe and effective manner, or easy access to ATMs, as part of the role that The “central” means that financial inclusion should reach all members of society. In its recently issued Consumer Protection Law, the Central Bank affirmed that licensed financial institutions must take into account the requirements of marginalized groups and people of determination when designing their products and services.

He added: “Licensed financial institutions should provide consumers with a choice of low-cost basic financial products or services, and employees of licensed financial institutions must be regularly trained to identify and assist marginalized people and people of determination, where possible, and licensed financial institutions must take into account the situation. ». Private financial for marginalized groups and people of determination when offering products or services, and when determining the cost of any fees and installments payable.

He continued: “Licensed financial institutions must ensure that the geographical locations of their ATMs and branches are prepared, easy to access and use in a convenient way for people of determination, and licensed financial institutions must be able to demonstrate their compliance with Federal Law No. (29) of 2006. Concerning the rights of people of determination ».

The Central Bank also asked banks to be given equality between races and nationalities in their dealings, saying: “Minority groups have different financial needs. Licensed financial institutions have a responsibility to ensure that minority groups are able to obtain their products or services, and they must establish codes of conduct to combat discrimination.

He stressed that licensed financial institutions should collect, analyze and track consumer supply and demand data disaggregated on the basis of sex, age and race, in order to measure the level of access to and use of financial products or services. The results of the research should only be used to improve equality in financial services provided to minority groups and women.

He stressed that licensed financial institutions should take into account the special needs of minority groups in their financial education and awareness programs, and licensed financial institutions may not make decisions about selling products or services, including credit or setting interest or profit rates that discriminate against The basis of marital status, gender, or belonging to a minority group.

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