Reem Al-Fugara, Head of Banking Channels & Product development at Capital Bank, gave a lecture on financial inclusion, stressing the importance of empowering women and enhancing their economic participation through their savings and financial planning capabilities.

During the training forum that 30 women participated in from across the Kingdom’s governorates, Al-Fugara highlighted the benefits of financial inclusion such as facilitating daily transactions, protecting savings, convenient consumption and building of working capital, financing small companies and projects, as well as helping start-up companies invest in assets and develop their businesses. Other benefits include planning and disbursement of recurring expenses, managing expenses related to unanticipated (emergency) events, and improving living standards generally through the facilities granted.

Al-Fugara explained that the first step to achieve financial empowerment is by opening a bank account to enjoy multiple banking services, followed by the use of mobile phones for electronic payments and other financial operations. She referred to banks’ important role in achieving the principle of financial inclusion by attracting segments of society that do not have access to banking services, which would occur through the creation of new financial products based on savings, insurance and electronic payment methods that are made available at any time and place.

She further noted that there were obstacles to financial inclusion embodied within the laws, legislation, social factors, cultural patterns and customs prevailing, in addition to low education levels, lack of access to information, low income and family responsibilities.

Al-Fugara explained that in order to expand the application of financial inclusion services, it is necessary to establish a network of branches for financial service providers and small microfinance offices, as well as the development of payment systems and the expansion of digital financial services through mobile payment.

In conclusion, Al-Fugara provided the women community-awareness leaders with four tips for effective financial planning, namely: the assessment of their financial situation, setting financial targets according to priority, placing a budget in addition to preparing a financial plan and adhering to it.