KNET pushes for greater financial literacy and SME empowerment

KNET, in collaboration with payment companies, is developing solutions to encourage a formal financial transition, supporting the Central Bank of Kuwait’s push for financial inclusion.

Sources told Al-Rai that KNET is working on a dedicated portal offering financial payment solutions for all segments of society, including sound money management tools with plans to launch a financial solutions portfolio that will allow the issuance of digital bank cards, enabling customers—including low-income workers, small service providers, and domestic workers—to open bank accounts without meeting minimum balance requirements.

The KNET wallet, accessible via the portal, will help banks promote financial inclusion while adhering to their income requirements. It will allow customers to manage, store, send, and receive funds, and access limited loans and small deposit services. This initiative is aligned with the Central Bank’s directives to ease account-opening processes and remove barriers for underserved groups.

The first phase of the project has begun, with regulatory approval granted. KNET aims to promote financial literacy, expand financial capabilities for individuals and SMEs, and support entrepreneurship and startups through a robust digital payment infrastructure.

KNET also plans to continue enhancing digital financial services, stimulate savings, and expand banking access sustainably. Banks will play a central role in this process, particularly by opening accounts for low-wage earners through the KNET wallet, facilitating greater financial inclusion at lower costs.