Providing Infrastructure Necessary for Promoting Financial Inclusion
In light of the diligent work to set a national strategy for financial inclusion, there should be well- designed paying and transferring money tools which are safe and efficient for an effective application of this national strategy and providing technical infrastructure necessary to provide financial access for bankers and non-bankers. Believing so, the Central Bank of Jordan (CBJ) has begun a process of developing and restructuring the payment and settlements systems in the Kingdom in partnership with banks operating in Jordan as well as relevant partners, in order to maintain the soundness and efficiency of the national payments system through the interoperability of payment systems and the development of comprehensive legal frameworks to ensure financial inclusion and encourage the growing acceptance of the modern payment tools. In this regard, the Central Bank has developed a comprehensive retail payment systems strategy that enables the transition from paper payment environment to paperless environment (electronic) in order to achieve the objectives of CBJ in promoting financial inclusion. This has been achieved by launching several retail payment systems such as the Electronic System of Presenting and Paying Bills (eFAWATEERcom) as well as the Mobile Payments System (JoMoPay). The CBJ diligently works on linking government agencies and institutions as well as private companies and universities, in addition to encouraging the use of these systems on the national level. The CBJ is now linking the mobile payment system with the electronic system of presenting and paying bills. In order to cover the greatest share of customers, a big number of services has been activated such as the NFC payment service which allows paying small- sized payments through passing the device at the sale point and in less time, the service of sending and receiving money internally and externally through the national operator of the mobile phone, so that the customer can withdraw the bank draftfrom any ATM machine, and many other services that help achieving the visions and aspirations of the CBJ in the access to all targeted groups in order to achieve financial inclusion.
Paving the Way for Digital Financial Services in Jordan, Click here (file size 858.78 KB, file type pdf).