National Financial Inclusion Strategy (2018 – 2020)

On December 4, 2017 the CBJ launched National Financial Inclusion Strategy (NFIS) 2018 – 2020 was launched at the end of 2017, under the Royal Patronage of His Majesty King Abdullah II ibn Al Hussein. CBJ developed the National Financial Inclusion Strategy (NFIS) as part of an inclusive and collaborative effort with the public, private, civil society, and development partners within a clear framework and governance to achieve a more inclusive economic growth and sustainable development, in alignment with the United Nations Sustainable Development Goals (SDGs).

• Framework for Financial Inclusion in Jordan
  The NFIS for Jordan overall builds on a set core industry pillars: Small and Medium-sized Enterprise (SME) Finance; Microfinance, and Digital Financial Services. Four areas are considered cross-cutting enablers that are interconnected and support each industry in enhancing financial inclusion; Laws, Regulations, and Instructions; Financial Consumer Protection and Financial Capabilities; Data and Research, and Financial Technology.
• NFIS Goals
  The National Financial Inclusion Strategy aims at achieving two overarching goals; to raise the level of financial inclusion, measured by the number of adults owning accounts in financial institutions, from 33.1% to 41.5% by 2020, and to reduce the gender gap from 53% to 35%.
• NFIS Target Groups
  While financial inclusion targets all segments of the population, the NFIS pays more attention to certain priority segments; the most vulnerable groups which traditionally have lower levels of financial inclusion, namely: youth (15 to 24 year-olds in general; 15 to 18 year-olds in particular), women, refugees, and the bottom 40% of households in terms of income (at the so-called bottom of the pyramid).
  Add Figure: Framework for Financial Inclusion in Jordan
• NFIS Governance
  The governance structure set up to implement the NFIS consists of a Financial Inclusion Unit (FIU), which is charged with coordinating the implementation of the NFIS through 6 working groups with the assistance of the Financial Inclusion Technical Committee (FITC) and guidance from the Financial Inclusion Steering Committee (FISC). There are three working groups focused on promoting the three sectors that the strategy identified as key to promoting financial inclusion: SME financing, Digital Financial Services, and Microfinance. The other three working groups focused on creating the enabling environment for financial inclusion are Consumer Protection, Financial Capabilities, and Data and Research.

 

National Financial Inclusion Strategy 2018-2020

Summary of the National Financial Inclusion Strategy for Jordan

National Financial Inclusion Action Plans