The Central Bank of Jordan and the Bill & Melinda Gates Foundation Launch New Mobile Money Initiative for Vulnerable and Refugee Populations
Amman, February 28, 2018: The Central Bank of Jordan today signs an agreement with Bill and Melinda Gates Foundation which the foundation will grant $3 million to support the Central Bank of Jordan endeavours, specifically the “Mobile Money for Resilience (MM4R)” initiative. “MM4R” aims at providing financial access to vulnerable groups such as low income Jordanians and refugees. As the first initiative of its kind in the Middle East, MM4R will provide access to more advanced digital financial services, such as payment transfers, savings and credit.
Launched with a US$3 million contribution from the Bill & Melinda Gates Foundation, MM4R hopes to raise up to US$11 million over five years to scale up mobile money services in government and humanitarian agency cash transfer programs.
“MM4R” mainly targets low income Jordanians in Ma’an, Tafielh, Mafraq and the capital Amman, In addition to refugees. Jordan currently hosts almost 1,3000,000 where only 655,056 are registered Syrian refugees by the UNHCR. Using mobile money for cash assistance will build resilience in households and businesses, and support local economic development.
H.E. Dr. Ziad Fariz, Central Bank of Jordan Governor added: “Mobile Money for Resilience is an important component of Jordan’s 2018-2020 National Financial Inclusion Strategy, which is focused on empowering the unbanked and financially under-served segments of the population. Initiatives like MM4R help to make humanitarian solutions more sustainable by building resilience and social cohesion. We hope to enable both low income Jordanians and refugees to build financial identities by giving them the chance to receive remittances and safely store funds in a more convenient and digital way.”
The MM4R investment is part of a drive by the Gates Foundation to expand its work to address the refugee crisis in the Middle East. The foundation is seeking to catalyze positive change for communities affected by displacement, by investing in innovative programs that take advantage of advances that have been made elsewhere in global development efforts.
Dr. Valerie Nkamgang Bemo, who leads the Gates Foundation’s global humanitarian program commented: “For decades, Jordan has played a central role in hosting refugees and displaced persons from the Middle East and beyond, and the impact of this is felt by host communities as well as the refugee population. Digital financial service programs like Mobile Money for Resilience will allow the most vulnerable populations to receive and save money, grow businesses, and escape poverty. We believe this will result in a better integrated society, and we welcome other partners to join this important effort to expand its impact.”
MM4R will facilitate partnerships between donors, government agencies, humanitarian actors, and the private sector aimed at improving the quality of life of refugees and Jordanians by expanding access to finance, developing the digital financial service ecosystem, and improving the effectiveness of humanitarian cash transfer programs.
The program will be managed by an MM4R unit, which will be embedded in the Central Bank of Jordan. MM4R forms part of Jordan’s National Financial Inclusion Strategy, which was launched during the Financial Inclusion Policy Forum on December 4, 2017. The event, held in Amman under the patronage of His Majesty King Abdullah II bin Al-Hussein, focused on the economic and social empowerment of the unbanked and financially under-served.
The Central Bank of Jordan
The Central Bank of Jordan recognizes financial inclusion as an important pillar in inclusive growth and sustainable development. It embarked on the national financial inclusion policy process to build an enabling legal and regulatory framework and infrastructure to achieve a more inclusive financial system. Financial Inclusion policies and actions by CBJ are thus geared towards empowering the financially excluded and underserved – the majority of the population, particularly the vulnerable groups of low income Jordanians and refugees.
The Bill & Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy and productive lives. Through collaboration and partnership, the foundation helps fund research and programs to benefit those living in poverty all around the globe. The foundation works with partners in the Middle East to address the needs of the most vulnerable people through investments in disease eradication, the GCC philanthropic and development aid sector, innovative emergency response solutions and agricultural research, among other things.
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