On Thursday, May 30, 2024, the Association of Banks in Jordan signed a Memorandum of Understanding with the Jordan Payments and Clearing Company (JoPACC) to expand cooperation in the fields of financial literacy and financial inclusion among 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-Baho, CEO of the Jordan Payments and Clearing Company (JoPACC).

This cooperation will take several forms, most notably linking the financial awareness platform FinApp JO with the open finance APIs in Jordan, which JoPACC has developed and standardized in collaboration with Jordanian commercial banks. These interfaces provide access to information about banks, branches, ATMs, business hours, and all types of services and products offered by banks. The importance of this platform lies in its ease of access to updated information about banks and financial institutions, thereby enhancing financial inclusion for Jordanians.

Additionally, this collaboration will focus on spreading knowledge in the field of digital financial services by developing and producing educational materials and publishing them to the public on the FinApp platform. JoPACC will update previously developed materials to ensure high quality knowledge across the kingdom.

Furthermore, 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 across various governorates. The goal is to reach underserved and less accessible groups, especially students, women, and refugees. These activities align with one of JoPACC’s strategic pillars: data analysis, knowledge production, and dissemination.

Maha Al-Baho, 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 pleased to elevate this partnership to a new level that serves the financial sector in Jordan.”

Dr. Maher Al-Mahrouq, Director General of the Association of Banks in Jordan, confirmed that signing 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, encouraging their use and sustainability. Al-Mahrouq also highlighted that the memorandum of understanding reflects both parties’ interest in developing and improving community financial awareness levels, thereby enhancing financial culture and improving financial inclusion in the kingdom.

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