The NFIS (2023 – 2028)
The Central Bank of Jordan (CBJ) and the Government of Jordan formalized their commitment to increasing financial inclusion with the issuance of the National Financial Inclusion Strategy (NFIS) for 2023-2028. The NFIS sets targets, defines target groups, and identifies methods to improve financial inclusion in the future
The vision statement for NFIS (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.“
The National Financial Inclusion Strategy (2023-2028) framework incorporates target groups, main pillars, and cross-cutting enablers aligned with the Kingdom’s financial inclusion priorities. It focuses on individuals and the business sector, especially those excluded from the financial system. Target groups include the bottom 40%, women, youth, refugees, and MSMEs.
The inclusion of the insurance sector as a main pillar in the new strategy aim to address emergencies and essential needs for a dignified life. Special attention is given to women to bridge the gender gap in accessing financial services and empower them to assume societal leadership roles. Policies and practices are tailored to refugees’ conditions and income levels, respecting their fundamental right to access financial products and services.
The National Financial Inclusion Strategy (2023-2028) is structured around four fundamental pillars: finance, savings, insurance, payment, and transfers. Savings was added as a fundamental pillar of this NFIS to enhance saving products, enabling proper financial planning and motivating the use of existing products to improve living standards and financial resource management.
The above-mentioned pillars are supported by cross-cutting enablers, including Consumer Empowerment and Market Conduct, FinTech and Innovation, Data and Research, Regulatory and Legal Frameworks, and Institutional Coordination and Commitment.