Regulatory Alerts2025-01-01
Circular No. 49/2025: Assessment of Electronic Services Levels and Digital Transformation in Banks
The Palestine Monetary Authority issued Circular No. 49/2025 requiring all banks operating in Palestine to submit a timeline for developing products and addressing low customer adoption of electronic services within two months of the circular's issuance. This mandate follows the 2024 assessment results distributed via a survey on February 6, 2025, and aims to enhance the digital transformation of the banking sector. Banks are instructed to develop electronic channels, incentivize digital usage over branch visits, and automate internal operations to meet customer expectations.
Palestine Monetary Authority
Circular No. ( 49 / 2025 )
To all banks operating in Palestine Date: Thursday, May 29, 2025
Subject: Assessment of Electronic Services Levels and Digital Transformation in Banks
Attached are the results of the assessment of electronic services levels and digital transformation in banks based on the electronic services survey distributed on 2025/02/06 to evaluate service levels for the year 2024. All banks are requested, within two months from the date of issuance of this circular, to provide the Palestine Monetary Authority with a timeline for developing products and addressing the weak use of electronic services by customers, taking into account the following:
- Developing electronic channels and increasing the number, quality, and digitization of electronic services provided to customers through them, in a manner that meets customer needs and expectations.
- Encouraging customers to use electronic channels instead of visiting branches and offices to conduct their banking transactions, including placing incentives for this, especially in governorates and cities with low usage rates.
- Automating and developing internal bank operations to enhance internal digital transformation.
Supervisory Group Palestine Monetary Authority