After the global financial crisis, attention from various economic and financial policies makers has begun to be concentrated on the subject of financial inclusion and the ability to reach with the financial services for the different segments in society, especially the disadvantaged and the targeted category of the financial inclusion. Such a subject has an impact on the financial, social, and political stability; the economic development; and financial customer protection. A number of international reports reveal that around 50% of the world’s adult population does not deal with banks; therefore, the subject of financial inclusion has become one of the important agendas for the monetary, financial and economic policies makers. Hence, the Central Bank of Jordan is keen that all segments of society including individuals and organizations can access official financial services through banks and different financial institutions using appropriate methods and conditions with reasonable costs in order to enhance the financial stability as well as the comprehensive social and economic development at the Kingdom. In this regard, the Central Bank of Jordan has held a number of consultations with some of the experienced international parties for the completion of this step. The outcome of these consultations has emphasized the need for developing and adopting a comprehensive national strategy for financial inclusion aiming at protecting customers, promoting financial literacy amongst school students and in the community, supporting small and medium- sized companies to access financing sources, developing electronic payment systems, and empowering woman to be able to access financing sources and instruments in order to work on bridging the gender gap.
By the end of 2015, the Prime Ministry has decreed to establish a national steering committee in co-operation between public and private sectors in order to supervise the preparation and implementation of the financial inclusion national strategy. This committee is headed by the Central Bank of Jordan’s Governor and consists of undersecretaries of a number of ministries as well as participants form private sector representatives.
By the end of September 2016, a step has been taken forward and the foundation stone has been laid to start the work on the financial inclusion national strategy by launching six teams derived from this committee covering a number of essential hubs: electronic payment systems, microfinance, financing small and medium- sized companies, financial literacy, financial customer protection, as well as collection and analysis of data and performance indicators. These teams will work on preparing the Hashemite Kingdom of Jordan’s vision for the financial inclusion in order to be the nucleus in the formulation and preparation of the financial inclusion national strategy.