Jordan, February 6, 2019
CBJ mandates banks to open basic accounts for financially-excluded persons

Amman, Feb. 5 (Petra) -- Stemming from the Central Bank of Jordan’s (CBJ) keen interest in granting access for all the financially excluded segments of the society to banking services; the CBJ issued the 'Instructions of the Basic Bank Account', the provisions of which will apply to all operating banks in the Kingdom.

These instructions aim at enabling all legally-eligible citizens to obtain a bank account, which leads to enhancing the culture of saving, contribute to improving their living standards, and result in boosting economic development.

The 'Basic Bank Account' is a low-cost banking account available to all segments of the society who don’t have bank accounts and are willing to be banked within limits and costs that suit their income and abilities.

The issued instructions include mandating banks to open basic bank accounts for people who are legally eligible to deal with banks and don’t own any kind of bank accounts.

Furthermore, the instructions include simplified due diligence procedures associated with opening accounts, no minimum balance is required, exempting the clients from some commissions and fees, in addition to providing the basic banking services such as withdrawal, deposit, banking transfers, and electronic banking services.

In this regard, the instructions highlight the significant role of banks in raising awareness of the financially excluded, in particular their right to use the basic bank account as well as their duties and responsibilities related to the use of it.

The issuance of these instructions come in line with achieving the objectives of the National Financial Inclusion Strategy launched in the end of 2017, and will contribute to enhancing financial inclusion in the kingdom and achieving the 2025 Jordan Vision.