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Paving the Way for Digital Financial Services: Understanding Jordan’s Remittances Market

New Report Highlights Key Findings and Recommendations to Improve Access to Financial Services for Low-Income Jordanians and Syrian Refugees

A comprehensive report released today by CGAP (Consultative Group to Assist the Poor) in partnership with DMA (Data Management Associates) provides a detailed analysis of Jordan’s remittances market. The research aims to inform development interventions and pilots aimed at improving access to financial services for low-income Jordanians and Syrian refugees living in Jordan.

The report, “Paving the Way for Digital Financial Services: Understanding Jordan’s Remittances Market”, was conducted between April and September 2016 and assesses the supply of services for both domestic and international remittances. The study highlights key findings and recommendations to improve access to financial services for low-income individuals in Jordan.

Key Findings

  • The remittances market in Jordan is characterized by a high demand for digital payment channels, particularly among low-income individuals.
  • The majority of remittance services are offered through physical agents, with limited online or mobile-based options available.
  • International remittances play a significant role in Jordan’s economy, with the country receiving over $2 billion in international remittances in 2015 alone.

Recommendations

  • To improve access to financial services for low-income individuals, there is a need for digital payment channels that are accessible and user-friendly.
  • Financial institutions should consider expanding their services to include online or mobile-based options for remittance transactions.
  • The government and regulatory bodies should work towards creating an enabling environment for the development of digital financial services.

Conclusion

The report highlights the importance of understanding the remittances market in Jordan to inform development interventions aimed at improving access to financial services. By providing a comprehensive analysis of the market, this study aims to contribute to the development of effective strategies to improve financial inclusion and stability in Jordan.

Contact

For more information or to request a copy of the report, please contact:

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