November 27 2022 2:32 AM E-paper Subscribe Sign in My Account Sign out

87% who have no bank accounts have no money to open them

digital bank transactions
(Photo: Envato Elements)
AMMAN — The Jordanian Strategy Forum said that  87 percent of those who do not have bank accounts have insufficient money to open such accounts, according to Khaberni.اضافة اعلان

The forum report, which it issued under the title “The Global Index Forum for Financial Inclusion 2022: What is its importance, and where does Jordan stand on the index”, showed that the percentage of financially included women has increased more than double from 15.5 percent in 2014 to 34.1 percent in 2021, and at a faster rate than that of men.

In its report, the forum presented a set of observations on financial inclusion in Jordan, based on the World Bank report on the Global Financial Inclusion Indicator 2021.

The report explained that the financial inclusion rate for individuals aged 15 to 24 has increased from 12.4 percent in 2014 to 28.7 percent in 2021.

The financial inclusion rate for Jordanians aged 25 or over increased from 31.8 percent in 2014 to 53.2 percent in 2021.

The forum indicated that the percentage of financial inclusion in Jordan increased among various age groups, as it rose from 18.2 percent in 2014 to 38.7 in 2021 among Jordanians with a primary education or less, from 16.3 percent in 2014 to 37 percent in 2021 among the poorest 40 percent of Jordan’s population, and from 13.8 percent in 2014 to 38.6 percent in 2021 for individuals who do not work.

The forum pointed out that 87 percent of those who do not have bank accounts have insufficient money to open such accounts, according to the index.

The forum said that the world is witnessing today a technological development that has resulted in great progress in financial services with new and innovative solutions known as financial technology (Fintech), and Jordan has been able to take good steps regarding financial technology, such as transferring money via the Internet, e-payment, and licensing a number of virtual banks, e-wallets, and others, which contributed significantly to the high rate of financial inclusion, especially in light of the fact that nearly 81 percent of the Kingdom’s population owns a smartphone, according to a study conducted by the Data Reported in 2020.


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