Governor of the Central Bank of Tunisia (BCT), Fethi Zouheir Nouri, called on Wednesday for simplifying procedures for accessing financial services and for developing financial products tailored to the local context.
Speaking at the opening of the 4th Arab Conference on Savings and Financial Education held in Tunis, he also stressed the need to integrate financial literacy into educational curricula and to make it a social practice rather than just an abstract concept.
He added that financial literacy has now become a fundamental pillar of development and a prerequisite for social justice and economic stability.
The governor also emphasized the growing importance of financial education, which has become one of the foundations of social security, especially as Arab societies navigate a world marked by rapid economic changes, inflation, debt, digital transformation, and banking crises.
He noted that the conference is an opportunity to strengthen cooperation and build a unified Arab vision capable of addressing challenges, promoting financial equity, and leveraging human capital and technology across the Arab region.
Raising Awareness of Financial Literacy
Ebrahim Khalil Ebrahim, Director General of “MenaMoney,” highlighted the importance of strengthening financial literacy awareness at the family, individual, institutional, and even governmental levels.
He noted that this culture contributes to enhancing social and economic security in Arab societies.
He advocated for the integration of financial literacy and financial management skills into national education programs, suggesting it become a formal educational subject.
Unifying Arab Efforts
Raja Dahman, Director General of the Financial Inclusion Observatory (OIF), stated that recommendations will be adopted at the end of the conference to unify the efforts of Arab countries in promoting financial literacy and savings.
She explained that financial literacy helps citizens make informed and responsible decisions, manage their household budgets better, and plan for their future.
The Fourth Arab Conference on Savings and Financial Education
The fourth edition of the Arab Conference on Savings and Financial Education is being held in Tunis from July 2–3 under the theme “Towards Establishing Inclusive Financial Literacy in Arab Countries.”
Organized under the aegis of the Financial Inclusion Observatory (OIF), the event serves as a high-level platform bringing together a broad range of stakeholders in the Arab financial inclusion ecosystem, aiming to advance financial education and inclusion in the region.
Improving Financial Well-being
According to a definition by the OECD Council, financial education is the process through which consumers and investors:
• Improve their understanding of financial products, concepts, and risks;
• Acquire, through information, instruction, or objective advice, the skills and confidence to:
→ Become more aware of financial risks and opportunities,
→ Make informed and reasoned choices,
→ Know where to seek financial assistance,
→ Take effective initiatives to enhance their financial well-being.
A broader definition extends financial education to the entire population, not just consumers or investors, and includes a cultural dimension, emphasizing each individual’s understanding of the economic and financial world they live in.
