• Financial Education
May 15, 2013

PMA honoured for excellent work

Palestine Monetary Authority, PMA, has received the award of the best financial and banking awareness program over the Middle East and North Africa region, on organizing the Child &Youth Banking Week that aims at reinforcing financial awareness among children and youth. The award has been released by Child and Youth Finance International in Amsterdam.


Dr. Jihad Al Wazir, Governor of PMA, has appreciated the role of the partner institutions in the success of banking weeks held so far. In particular, he thanked the Ministry of Education, the Association of Banks in Palestine, the Banking System, and UNRWA for their cooperation.


The award has been received by the representatives of PMA, Mr. Ali Faroun, Director of Consumer Awareness and Market Conduct Department, and Mrs. Irene Saadeh, Director of Public Relations and Communication Department in addition to Mrs. Thaera Karajeh representative of Association of Banks in Palestine. The award was presented during the annual conference of Financial Inclusion in Istanbul/ Turkey during the period of May 07-09, 2013.

Mr. Ali Faroun emphasized the importance of organizing this annual banking event that attracted international attention. He added that the mutual visits of students and banks help students to gain the required banking awareness. He has presented a working paper about PMA operational steps to promote financial awareness, and develop future plans to achieve financial inclusion.

The Second Annual Child and Youth Finance Summit & Awards ceremony was held under the patronage of the Capital Markets Board of Turkey, in collaboration with the Central Bank of Turkey and the Borsa Istanbul. This is the second annual event to bring together children, youth and senior level representatives from across various sectors on the topic of financial inclusion and economic citizenship for children and youth. This milestone summit was a dialogue between 70 youth from 40 countries and 346 senior-level participants from 83 countries representing governments, financial institutions, NGOs, children’s rights advocates, and academics. It was a time to share innovations, ideas and commitments for expanding the global child and youth finance movement. This year’s Summit will once again bring together a similar number of senior level representatives and youngsters to keep the dialogue open.

The summit’s theme stressed the importance of innovation, investment and mutual cooperation among officials from various sectors and countries intent on promoting financial awareness among children and the youth.

It is worth mentioning, that the Child and Youth Banking Week became an annual event in Palestine, initiated by PMA and its local partners. About 90,000 students from various districts in the West Bank and Gaza Strip from over 1600 schools were visited by bank representatives in their schools; also232 bank branches received visits from various student groups. Bank branches have allotted students one hour per day for visiting purposes. The students, accompanied by their teachers, visited bank branches and were introduced to the services offered by these banks. They were welcomed by bank representatives who graciously provided detailed explanation regarding banking processes and mechanisms. This focused awareness program aimed at raising students’ banking awareness, and strengthening the banking culture among youth and children. This effort has also included the distribution of 170,000 instructional brochures in schools and bank branches. Activities of the Banking Week also featured recreational and educational events held by participating banks for the children.

In their closing remarks, children and youth emphasized the importance of providing all students with financial and banking awareness, and creating job opportunities for youth including by professional training courses in schools. The program also included providing honor student with scholarships. Finally, the Second Annual Child and Youth Finance summit & awards ceremony for 2014 will be held in Chile.

By Thomas Rahn