“The Launch of the National Financial Inclusion Strategy (2023-2028)”
The Central Bank of Jordan has launched the National Financial Inclusion Strategy (2023-2028) on Sunday, the 10th of March 2024, with the presence of all stakeholders from ministries, private and public sectors, and international organizations who participated in drafting the strategy and support financial inclusion endeavors in the Hashemite Kingdom of Jordan.
The launch of the National Financial Inclusion Strategy (2023-2028) comes in response to the Economic Modernization Vision (EMV) and its implementation plan. The strategy aims to implement ambitious policies and programs to achieve sustainable economic growth and inclusive social and economic development that is reflected on the business sector and society overall.
In his speech, Al-Sharkas emphasized the leading role of the Central Bank of Jordan in enhancing financial inclusion in the kingdom, and the importance of the collaborative efforts with the private and public sectors in setting policies and visions that stem from the shared belief of the right of everyone, individuals and enterprises, to access variant financial services that align with their needs and contribute to improve their quality of living, as well as empowering all individuals and enterprises to participate in the renaissance journey.
Al-Sharkas stated that the strategy’s national goals that are anticipated to be achieved by the end of the strategy include; increasing the percentage of financial inclusion from (43.1%) to (65%), reducing the gender gap from (22%) to (12 %), and increasing account ownership by MSMEs from (52.4%) to (75%). These goals will be achieved through several strategic measures such as; the development of financing, saving, and insurance products that meet the needs of target groups, encourage both banking and non-banking
Financial institutions to raise awareness among their clients and educate them of offered services, in addition to other procedures that will be implemented in cooperation with CBJ’s key stockholders.
Moreover, the World Bank Resident Representative Ms. Holly Benner highlighted the importance of financial inclusion as a key enabler for economic growth and pivotal for individuals and enterprises to get better financial services and elevate the quality of living for everyone. It is worth noting that the World Bank has provided technical assistance and capacity building to the Central Bank and working groups while drafting the strategy, and will provide support to draft inclusive action plans for achieving the goals of the strategy. Ms. Benner expressed her gratitude for the continuous collaboration with the Central Bank and its leading role in aligning financial inclusion efforts and putting it on the development priorities in Jordan.
The vision statement for the National Financial Inclusion Strategy (2023-2028) is "Responsible and sustainable access and usage of financial products and services by different societal segments that contribute to achieving economic and social development in the Kingdom”, and is considered the main theme of the strategy that is drafted based on primary pillars, and crosscutting enablers. The main pillars include Finance, Savings, Insurance, and Payment and Transfers, supported by crosscutting enablers to enhance sustainable and effective access and usage of financial services and products, including Consumer Empowerment and Market Conduct, FinTech and Innovation, Data and Research, Regulatory and Legal Frameworks, and Institutional Coordination and Commitment.
It is worth noting that the strategy targets all residents of Jordan and business, specifically vulnerable population such as women, youth, refugees, and MSMEs.