ABJ, in cooperation with the Jordan Today Center for Development organized the “Financial Inclusion: Opportunities and Challenges” forum held via video communication technology (ZOOM) on 6 and 7 April 2021, in the presence and participation of a large number of representatives of member banks.

On its first day, the forum will address a number of key financial inclusion topics including the Jordan’s achievements in moving towards enhancing financial inclusion and its implications on women and youth, the practices of regulatory and supervisory bodies and the Corona pandemic impact on financial inclusion. On its second day, a number of topics will be discussed: the possibilities of digital financial services, forms of payment from the perspective of financial inclusion in the era of financial technology (Fintech), the role of crowdfunding in promoting financial inclusion, and designing digital financial infrastructure.

Dr. Maher Al-Mahrouq, Director General of ABJ, said in his opening speech that financial inclusion has become one of the main topics on the table of local and international financial and economic meetings especially in the wake of the pandemic and its negative repercussions on the most vulnerable groups. Dr. Al-Mahrouq added that financial inclusion is a key entry point in building comprehensive and sustainable development strategies in various countries of the world for its great role in combating poverty and unemployment, increasing productivity, improving development prospects as well as financial and social stability.

Dr. Al-Mahrouq indicated that financial inclusion includes the availability and use of all financial services for different groups of society especially those who are marginalized and disadvantaged. This must be done through official channels and the creation of more appropriate financial services with competitive and fair costs in order to avoid those groups resorting to high-cost informal channels and means which are not subject to a minimum of control and supervision.

Dr. Al-Mahrouq touched on the importance of harmonizing between achieving financial inclusion on the one hand and attaining financial stability, integrity, transparency and consumer protection on the other. He pointed out that many studies have proven the difficulty of achieving financial inclusion without stability in the financial system which is hard to maintain in light of the presence of groups deprived of financial services.

He added that the interrelationships between financial inclusion and other regulatory authorities objectives namely financial stability, integrity, transparency and consumer protection led to the emergence of financial inclusion matrix with other objectives, which is called I-SIP Matrix (Inclusion, Stability, Integrity, Protection). This matrix aims to achieve the greatest possible degree of synergy between the aforementioned goals to achieve the maximum possible positive results.

Dr. Maher Al-Mahrouq stressed that the great importance of financial inclusion in light of the current conditions and the Corona pandemic effects on various groups especially the most vulnerable ones such as women and youth was one of the major motives for holding the forum to serve a platform for dialogue between the relevant authorities. Dr. Al-Mahrouq concluded by expressing his hope that the forum would achieve its objectives, bring all benefits to the participating ladies and gentlemen and contribute to coming up with perceptions, recommendations and proposals that contribute to enhancing financial inclusion in the Kingdom.