Central Bank of Jordan: Transforming Jordan’s Financial Landscape
Posted on Nov 22, 2024 by Ghada Tarawneh, Head of E-Government and Acquired Systems Administration Division, Central Bank of Jordan
Jordan’s financial sector is undergoing a remarkable transformation, with the Central Bank of Jordan (CBJ) at the helm, leading the charge toward modernization. Amid regional challenges, Jordan has emerged as a center of stability, resilience, and innovation. The CBJ’s vision for the future of payments is centered on making financial services more inclusive, efficient, and accessible for all Jordanians.
A key component of this transformation is the “National Strategy for Electronic Payments 2023-2025,” which aligns with Jordan’s broader economic modernization agenda. This strategy focuses on enhancing digital services across financial institutions, banks, and the CBJ itself. The primary objectives are to promote financial inclusion, foster innovation in financial technologies, and create an environment conducive to digital transformation.
In parallel, the CBJ has launched the "National Strategy for Financial Inclusion 2023–2028" in collaboration with local and international partners. This strategy is designed to ensure that financial services reach all sectors of society, including marginalized groups. It focuses on four pillars: insurance, savings, credit, and payments, which together form the foundation for greater financial inclusion. The strategy also seeks to improve access to financial services, reduce the gender gap, and develop products that meet diverse financial needs. Key targets by 2028 are:
- Small and Micro-Enterprises: Increase digital payment account ownership from 12% to 22%.
- Digital Payment Usage: Raise usage from 39.8% to 65%.
- Gender Gap: Narrow the gender gap in financial inclusion from 65% to 43.1%.
- Financial Account Ownership: Boost individual account ownership from 52.4% to 75%.
The strategy also aims to empower consumers by promoting digital financial services and strengthening market regulations, data protection, and legal frameworks. It seeks to meet diverse financial needs through the development of innovative products.
In the area of payment systems, Jordan has ...
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