On Thursday, May 30, 2024, the Association of Banks in Jordan signed a Memorandum of Understanding with the Jordanian Company for Payment and Clearing Systems (JoPACC) with the aim of expanding the frameworks of cooperation in the fields of financial awareness and financial inclusion for all segments of the Jordanian population. The memorandum was signed by Dr. Maher Al-Mahrouq, Director General of the Association of Banks, and Maha Al-Buhou, CEO of the Jordanian Company for Payment and Clearing Systems (JoPACC).

This cooperation will take several forms, the most important of which is linking the FinApp JO financial awareness platform with the Open Finance APIs in Jordan, which JoPACC has developed and standardized in collaboration with Jordanian commercial banks. These APIs provide access to information about banks, branches, ATMs, hours of operation, and all types of services and products offered by banks. The significance of this platform lies in the ease of accessing updated information about banks and financial institutions, thereby enhancing financial inclusion among Jordanians.

On the other hand, this cooperation will involve disseminating knowledge in the field of digital financial services through the development and production of awareness materials and their publication to the public on the FinApp platform. JoPACC will update previously developed materials to ensure high quality of knowledge across the Kingdom.

Additionally, JoPACC, in collaboration with the Association of Banks in Jordan, will organize multiple training sessions and workshops on digital financial services through the association’s network of partners in various governorates of the Kingdom. The aim is to reach the underprivileged and those with limited access to digital financial services, particularly students, women, and refugees. These activities fall within one of JoPACC’s strategic pillars: data analysis, knowledge production, and dissemination.

For her part, Mrs. Maha Al-Buhou, CEO of JoPACC, expressed her happiness and gratitude for this partnership, saying: “The Association of Banks has always been one of JoPACC’s most prominent supporters, and today we are proud and delighted to elevate this partnership to a new level that serves the financial sector in Jordan.”

In turn, Dr. Maher Al-Mahrouq, Director General of the Association of Banks in Jordan, affirmed that the signing of the memorandum with JoPACC reflects the association’s commitment to building strategic partnerships with key players in its field of work. He emphasized JoPACC’s primary role in supporting and developing electronic payment systems in the Kingdom and encouraging their use and sustainability. Dr. Al-Mahrouq also stressed that the Memorandum of Understanding reflects the interest of both parties in developing and improving levels of financial awareness in society, thereby enhancing financial literacy and improving levels of financial inclusion in the Kingdom.