The Central Bank of Jordan (CBJ) signed an agreement with the Bill & Melinda Gates Foundation to provide support to the Central Bank of Jordan (CBJ) to launch the Mobile Money for Resilience MM4R initiative.
The launch of the initiative was attended by Minister of Social Development Hala Latouf and a number of bank executives and officials involved in financial services in the Kingdom.
The MM4R program aims at providing access to financial services to low income citizens and refugees. The initiative, the first of its kind in the Middle East, provides access to the most advanced financial services such as money transfer services, savings and credit services.
The initiative aims to increase financial contributions to $ 11 million over the next five years to expand access to government-provided electronic financial services and cash-transfer programs provided by humanitarian agencies.
The project targets the less advantaged groups in the community, especially those with limited incomes in the governorates of Ma’an, Tafila, Mafraq and Amman. The project also targets refugees. Jordan currently hosts some 1.4 million refugees, 655,000 of whom are registered according to the UNHCR census.
According to the organizers, the use of electronic financial services and the provision of monetary support will contribute to enhancing levels of financial empowerment for families and businesses, and supporting economic development efforts at the local level.
“This electronic e-money initiative is an essential element of the National Strategy for Financial Inclusion 2018-2020, which focuses on achieving empowerment for groups that do not have bank accounts and categories that are limited to financial services,” said Dr. Ziad Fariz, Governor of the Central Bank of Jordan.
Initiatives of this nature contributed to making humanitarian solutions more sustainable through enhanced levels of empowerment and social solidarity.
Fariz expressed his hope for success in enabling Jordanian citizens and refugees alike to build a financial identity by giving them the opportunity to receive remittances and save money in safe and secure digital form.
The initiative is part of the Bill and Melinda Gates Foundation’s efforts to expand efforts to address the refugee crisis in the Middle East.
The Foundation also seeks to harness positive change in communities affected by the crisis of displacement by investing in innovative programs that benefit from the successes and achievements of global development efforts elsewhere in the world.
For decades, the head of the Global Humanitarian Program at the Bill and Melinda Gates Foundation, Dr. Valerie Nakamang Bemo, said that for decades, Jordan has played a central role in hosting refugees and displaced people from the Middle East and its environs.
“The impact of the digital money services programs such as the e-money initiative is that it will allow the less privileged to integrate into the financial community by receiving and saving money, supporting the growth of their businesses and helping them,” she said. To get out of poverty.
She affirmed her conviction that this initiative would help build a more integrated society, welcoming the inclusion of more partners in these efforts, thereby broadening their positive impact.
The initiative will help facilitate new partnerships between donors, government agencies, humanitarian and private sector activists, leading to improved quality of life for Jordanians and refugees by enhancing access to finance, developing the digital financial services system in the Kingdom, and improving the effectiveness of programs. Cash transfers for humanitarian support.
A specialized business unit will be integrated within the CBJ cadres to manage this initiative.
The initiative comes within the framework of the National Strategy for Financial Inclusion launched during the Financial Inclusion Policy Forum, which was hosted by Amman last December under the patronage of His Majesty the King, during which a number of topics were discussed, notably the economic and social empowerment of groups that do not have bank accounts and those that do not.