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The model for sustainable digital financial inclusion in Jordan

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This paper discusses the development of the payments sector in Jordan with the purpose of covering a wider spectrum of the country’s citizens to be included in the financial cycle, and elaborates on the sustainable digital financial inclusion (DFI) model the Central Bank of Jordan has adopted. It explains how the adoption of a collaborative model for mobile payments increases the digital financial inclusion in Jordan, reaching the citizens without bank accounts and allowing them to use their mobile phones as payment instruments to conduct all types of money transfers, regardless of the payment service provider they are subscribed to, and how this was made possible through the interoperability this model avails. It further explains how digital financial inclusion allows those money transfers to be recorded and documented, giving the country a deep insight, and overall control of the financial transactions that take place on a daily basis. The paper sheds light on the problem Jordan was facing in implementing a liberated and competitive mobile payment service, and how the central bank approached it with a solution that addressed all those problems. Furthermore, the paper clarifies the various benefits the mobile payment service offers to all the stakeholders, including the citizens, financial institutions, central bank, payment service providers and the economy of Jordan at large.
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Keywords: Central Bank of Jordan; JoMoPay; PS-mpClear; ProgressSoft; interoperability; mobile payments

Document Type: Research Article

Publication date: January 1, 2016

More about this publication?
  • Journal of Payments Strategy & Systems publishes peer-reviewed articles and case studies analysing best practice, emerging issues and new thinking in how to develop a profitable, customer-focused payments strategy. It examines major issues facing the corporate, wholesale and retail payments industry from a business, risk and operational perspective.

    Edited by renowned payments expert Alec Nacamuli and guided by an eminent Editorial Board, each quarterly 100-page issue provides practical, detailed analysis of developments and trends in the payments business, regulation, new entrants and technologies and how to bring them all together to define your payments strategy, as well as actionable advice and ‘lessons learned’ from fellow professionals on how payment processing systems can be leveraged to maximise profitability, security and efficiency and minimise risk. It contains no advertising and no advertorial.

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