Central Bank of Kuwait Urges Banks to Simplify Account Opening for All Segments of Society

The Central Bank of Kuwait has issued a directive urging local banks to streamline the process of opening bank accounts for all segments of society. This initiative, outlined in a circular obtained by Al-Anba, underscores the Central Bank’s commitment to promoting “financial inclusion.” The goal is to ensure that financial and banking services are accessible to everyone, including individuals with limited incomes, those in simple jobs, small service and craft businesses, as well as domestic workers.

Proactive Measures for Financial Inclusion

In the circular, the Central Bank instructs banks to take proactive measures to eliminate barriers hindering account openings for these groups. This includes developing board-approved policies and updating operational procedures manuals to align with these objectives. Banks are also required to inform the Central Bank of their progress in implementing these measures.

Expanding Access to Banking Services

The move is aimed at expanding access to banking services across Kuwait, fostering economic participation, and supporting inclusive growth in the financial sector. It reflects the Central Bank’s ongoing efforts to enhance financial accessibility and ensure equitable opportunities for all members of society.

External Resources

For further reading on related policies and international perspectives:

• World Bank: Financial Inclusion
• International Monetary Fund: Financial Access

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