Under the Royal Patronage of His Majesty King Abdullah II ibn Al Hussein
Central Bank of Jordan will launch the National Financial Inclusion Strategy
The Central Bank of Jordan (CBJ) will launch the 2018-2020 National Financial Inclusion Strategy for the Hashemite Kingdom of Jordan on December 4, 2017. The Financial Inclusion Policy Forum held by the CBJ, GIZ, AMF and AFI will carry forward the economic and social empowerment of the unbanked and financially under-served segments of the population in view of sustainable development.
Only 33 percent of adults in Jordan, 27 percent of women, have an account with a financial institution according to a recent 2017 CBJ-GIZ study. Overall, access to finance has improved in recent years, but disparities remain for the majority of the population and vulnerable groups continue to be disadvantaged.
Recognizing financial inclusion as a key contributor to economic development, employment generation, and reduced socio-economic inequalities, aligned with the range of the United Nations’ Sustainable Development Goals, Jordan formed a Financial Inclusion Steering Committee led by the CBJ in 2015. The Bank embarked on a national policy process for enhancing the formal financial inclusion of all, with special focus on youth, women, refugees, and the low-income population. In 2016, the CBJ committed under the Maya Declaration to the national goals of expanding access to finance for the adult population, while reducing the gender gap.
The Policy Forum titled “The Launch of the Financial Inclusion Strategy for Jordan: Moving Forward Towards Inclusive Growth” is a milestone event for the Kingdom. The CBJ and international experts will share latest insights into key policy areas relevant for policymakers and regulators working at the forefront in financial inclusion, including: Digital Financial Services; Microfinance; SME Finance; Consumer Protection; Financial Capabilities; and Data.
Globally relevant and regionally important, the conference will provide a stage for prominent advocates and change agents to elaborate on women’s financial inclusion as set out in the Denarau Action Plan and the financial inclusion of forcibly displaced persons. During the event, experts will also discuss the Power of Regional Initiatives, such as the newly launched Financial Inclusion for the Arab Region Initiative (FIARI). The aim of FIARI is to help accelerate conducive policies and actions for enhancing Arab societies’ access to financial services through regional coordination, knowledge exchange, peer learning and support of national financial inclusion policies.
The Forum will gather more than 150 policy-makers, representatives from financial regulatory authorities and ministries, decision-makers, professionals, civil society stakeholders and development partners from the Arab World and around the globe to foster peer-learning and knowledge exchange on international developments in financial inclusion.
The Strategy is being launched during the Financial Inclusion Policy Forum jointly hosted by the Central Bank of Jordan (CBJ) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, on behalf of the European Union (EU) and the German Federal Ministry for Economic Cooperation and Development (BMZ), in cooperation with the Alliance for Financial Inclusion (AFI) and the Arab Monetary Fund (AMF).
As part of FIARI, on December 5, 2017, a Capacity Development Program is exclusively provided for technical staff from central banks and ministries of finance from the region.