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‘Keep charging on and move forward’

Jul 23,2017 - Last updated at Jul 23,2017

The Jordanian banking system, represented by the central bank and banks operating in the country, has taken constant steps to increase the number of people covered by financial services.

Increasing economic activities and achieving social development and justice for the population, both citizens and expatriates, is bound to reduce the number of those excluded financially.

A person who does not have a bank account cannot keep his money safely and cannot invest his money; he benefits from spending, but the national economy does not benefit much because these funds are outside the banking system.

That same person will not be able to obtain financial services, such as money transfer, financing and other assistance necessary for business and for running the affairs of daily life.

Electronic services help electronic payment, promote virtual funds and provide alternatives to traditional financial services, from deposit and withdrawal operations to electronic bill and obligation settlements.

With the latest applications, anyone can receive the monthly salary through the electronic wallet loaded on the phone device, be it smart or mobile.

The efforts did not stop at this point. New applications are currently being tested on the electronic check service, which will enable users to enquire about the balance of the check and transfer money immediately, without presenting the request to the bank.

All these innovative and cutting-edge apps are developed by young pioneering Jordanian entrepreneurs, who have received serious official care and attention, both locally and internationally.

These innovative products will soon be released into the market through practical electronic applications that will serve the banking, commercial and industrial sectors, as well as the economy as a whole.

This development in the electronic environment has been accompanied by an updated and developed infrastructure that meets the requirements of both central banks and international standards.

Jordan is one of the first countries in the world to reach an advanced level in the field of electronic payment services.

This experience has become the focus of interest of the Arab countries, which are willing to copy and transfer this advanced experience into their markets.

Jordanian pioneer entrepreneurs should keep charging on and moving forward.



The writer is director general of the Association of Banks in Jordan. He contributed this article to The Jordan Times.

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