UfM-labelled project begins implementation: Promoting Financial Inclusion via Mobile Financial Services in the Southern and Eastern Mediterranean Countries

Barcelona, 2 October 2014. To commence the implementation phase of the project Promoting Financial Inclusion via Mobile Financial Services in the Southern and Eastern Mediterranean Countries, labelled by the UfM Senior Officials in June 2014, the UfM Secretariat has held the first working meeting at its headquarters in Barcelona.

By extending the availability of reliable payment solutions, users without access to traditional financial services are encouraged to join the financial system. This can directly improve the lives of these individuals by bringing them options beyond a cash-only system. This will also contribute to the development of the economy, both by increasing the amount of transactions carried out through formal channels and also by providing opportunities for innovative new products to develop.

This first workshop aimed to share the experiences of the Financial Supervisors in European countries, together with representatives of the European Commission, European Investment Bank and the European Central Bank, in the implementation of the Payment Services Directive (2007/64/EC) and the second E-Money Directive (2009/110/EC).

During the session, the impact analysis results of both directives were discussed. According to the studies undertaken so far, the Payment Services Directive has substantially contributed to achieving an overall single market for payment services. Preliminary findings also indicate a positive impact by the second E-Money Directive via increased activity in the e-money market.

The project, which will be implemented by the European Investment Bank, is promoted by the Central Banks of Jordan and Morocco (Central Bank of Jordan and Bank Al-Maghrib, respectively).

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