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    17-Sep-2022

New target categories in the Financial Inclusion Strategy (2023-2025)

 

Jordan News

 

AMMAN—  The National Financial Inclusion Strategy (2023-2025) summary showed the addition of new financial products and services and target categories that were not present in the National Financial Inclusion Strategy (2018-2020), according to Al-Mamlaka TV.
 
According to the draft summary, the added products and services include comprehensive and responsible credit, savings, insurance, payment and transfer, and new priority capabilities, including financial consumer empowerment and digitization of financial services, data, research, legal and legislative frameworks, coordination and institutional commitment.
 
 
 
Also, new target category has been added, including micro, small and medium companies.
 
 
 
The general vision of the strategy is based on updating the national vision for financial inclusion, the time frames related to the strategy, the general framework for financial inclusion in Jordan, and the institutional framework and organizational structure for financial inclusion in Jordan.
 
 
 
As defined by the World Bank, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs—transactions, payments, savings products, credit facilities, loans, and insurance services—and are delivered in a responsible and sustainable way.
 
 
The 2021 Global Findex Report shows that 76 percent of adults worldwide own at least one account at a financial institution, compared to just 51 percent in 2011.
 
 

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