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CBJ mandates banks to open basic accounts for ‘financially excluded’

By JT - Feb 09,2019 - Last updated at Feb 09,2019

AMMAN — The Central Bank of Jordan (CBJ) has recently released instructions for all banks to open a “basic bank account” for eligible citizens.

The “Instructions of the Basic Bank Account” apply to all operating banks in the Kingdom, according to a statement sent from the CBJ, and aim at allowing legally eligible citizens and the financially excluded to obtain a bank account. 

The issued instructions include mandating banks to open basic bank accounts for people who do not own any kind of bank account.

Instructions also include simplified due diligence procedures associated with opening accounts and no minimum balance is required, according to the statement, which added that clients would be exempt from some commissions and fees, while provided basic banking services such as banking transfers and electronic services.  

The statement underlined that the “basic bank account” is a low-cost account available to all segments of the society who do not have bank accounts and are willing to be banked within limits and costs that suit their income and abilities.

The CBJ said that increasing the number of people with bank accounts would lead an improved culture of saving, contribute to improving living standards and result in boosting economic development.

The instructions come in line with achieving the objectives of the National Financial Inclusion Strategy launched at the end of 2017, and aim to contribute to enhancing financial inclusion in the Kingdom and achieving the 2025 Jordan vision, the CBJ added.

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