Under the Felestineya program, Bank of Palestine launches two suites for women and women entrepreneurs
Stemming from its efforts to develop tools, programs and activities that aim to empower and promote women at the business level, Bank of Palestine launched two new suites through the Felestineya program for females and women entrepreneurs.
The first suite targets women entrepreneurs who own projects that have been operating for at least one year, and wish to upgrade them to the highest professional levels, while the second suite targets businesswomen who own projects that are at least three years old and wish to develop and expand them and register them under the regulated sector.
The new suites allow businesswomen and entrepreneurs access to signature banking services (bank accounts, savings accounts, bank cards, loans, and other financial products) at low commissions and interest rates, specially tailored to meet their needs. The suites also offer non-financial consulting services to assist women in managing their money and promote their integration in the Palestinian economy.
Mr. Mahmoud Al Shawa, the General Manager of Bank of Palestine, stressed that the launch of both suites stems from the Bank’s vision and strategy to support and improve the lives of women by allowing them access to banking services, ensure the protection of their living standards and create job opportunities. According to Al Shawa, “one of the most important factors that promote the economic status of Palestinian women is their economic independence by addressing obstacles and taking advantage of financing opportunities.” “The launch and development of a commercial project is the strongest tool that empowers women, allows them to combat poverty, and build a better life for themselves, their families, and their communities,” added Al Shawa.
Al Shawa expressed pride in the launch of three new loans through the Felestineya program for businesswomen and entrepreneurs, with low commissions and interest rates, which will “contribute to overcoming all financial obstacles and allow women to achieve their visions and goals in terms of developing their projects through the various stages.” The Bank played a significant role in leading the financial inclusion of women in the Palestinian economy through financial plans that focus on the segment of women, by directing them towards an integrated financial system, offering them various banking services, and responding to their financial needs, thus achieving their financial security.
Al Shawa added that the development of these two suites is a step in the right direction. “We still have a long way to go until we can reach the desired level of financial inclusion for women,” stated Al Shawa, “considering that many women are successfully managing their small and medium enterprises and need financial support to advance and develop their projects,” he added.
In its report issued on the occasion of the “Arab Day for Financial Inclusion” at the end of 2021, the Palestine Monetary Authority indicated that the percentage of women who deal with the banking sector remains low: around 29% of women own bank accounts; around 4% of women have bank loans; 5,898 projects owned by women are financed by loans; and the percentage of loans granted to projects owned by women reached 4%