Central Bank of Jordan’s Policy and Program to Promote Financial Inclusion
At the Central Bank of Jordan, we have taken many steps towards improving and activating a convenient environment for financial inclusion. Hence, the microfinance enterprises act has been issued to constitute a legal reference for the regulatory and supervisory framework of the Central Bank over this sector; thus, enhancing chances for micro and small companies to obtain funding. The Central Bank will also consider expanding its supervision to include other non- banking financial institutions, in addition to enhancing the financial consumer protection and spreading financial and banking literacy in the community. In this regard, and in collaboration with the ministry of Education and Injaz- institution, societal financial literacy has been included as a separate course amongst the Ministry of Education’s curriculum form the 7th grade till the 12th grade. Furthermore, the Central Bank has also played an important and pivotal role represented in the development of the national payments system by developing payment systems such as the Electronic System of Presenting and Paying Bills (eFAWATEERcom) as well as the Mobile Payments System (JoMoPay). Such systems have great respect as they can be accessed by people in remote areas and provide key financial services without incurring the trouble and cost of accessing and using traditional financial methods, and; therefore, effectively contributing to raising the financial efficiency, reducing costs, and providing service for non- bank customers. In addition to that, the Central Bank of Jordan works, in collaboration with all international authorities, on serving refugees and non- Jordanians residing at the Kingdom as this has a great economic and social impact in enhancing the standard of living for this category and ensuring a decent life for them. Moreover, the Credit Information Company licensed on 15/12/2015 will have a positive effect on increasing opportunities to obtain funding; thus, helping to promote financial inclusion and maintain financial, economic, and social stability at the Kingdom.