Jordan’s Financial Sector: Accomplishments and Challenges

Amman: The inaugural quarter of the current year has witnessed significant strides in Jordan's financial services sector, as outlined in the latest report of the Executive Program for Economic Modernization Vision. A pivotal highlight includes the introduction of the "Mahfazati" service via a user-friendly application available on both the App Store and Google Play since February 18, 2024. Impressively, the subscriber base for the updated version of this service has surged to approximately 1,530 users, with a cumulative total of 3,081 subscribers since its inception through both the website and smartphone application last September. Moreover, March 10, 2023, marked a milestone moment with the official launch of the National Strategy for Financial Inclusion (2023-2027), underscoring a strategic commitment to fostering broader financial participation across the country. Currently, efforts are underway to meticulously craft action plans, monitoring frameworks, and evaluation mechanisms to ensure the strategy 's effective implementation. In line with the overarching goal of enhancing financial inclusivity, the exchange sector has embarked on a digital services diversification initiative to bolster its capacity in this regard. Licensed exchange entities are actively encouraged to submit proposals for innovative digital offerings, signaling a proactive stance towards embracing cutting-edge technology to serve a wider clientele. Additionally, strides have been made in legislative preparations, with the drafting of a comprehensive insurance contracts law to facilitate forthcoming consultations with stakeholders. Concurrently, consultations on securities-related directives are progressing steadily, laying the groundwork for their formal endorsement and issuance. Despite these commendable advancements, challenges persist, notably the delayed rollout of the electronic "Know Your Customer" (EKYC) system in live environments. Efforts are underway to expedite this process, with rigorous testing procedures being conducted in trial environments. Furthermore, pending the finalization of essential procedures by the Ministry of Digital Economy and Entrepreneurship, citizens await seamless access to electronic document signing capabilities, a crucial aspect of the EKYC process. Source: Jordan News Agency