ABJ launches FinApp.jo platform to boost financial literacy

AMMAN — In a step towards improving financial awareness in Jordan, the Association of Banks in Jordan (ABJ) on Tuesday launched the Kingdom’s first Financial Awareness Platform, FinApp.jo.

The groundbreaking initiative was unveiled in the presence of Governor of the Central Bank of Jordan (CBJ) Adel Sharkas, who underscored the importance of financial literacy as the foundation for making informed financial decisions. 

He underscored the platform as a strategic effort to foster a culture of responsible financial behaviour through high-quality content and innovative educational tools.

Sharkas also highlighted the CBJ’s pivotal role in promoting financial inclusion, pointing to the successes of the first National Financial Inclusion Strategy launched in 2017, which narrowed the gender gap in financial access from 53 per cent to 22 per cent. 

Building on this success, the second strategy for 2023-2028 focuses on areas such as savings, insurance, digital payments, and access to finance, aiming to boost financial inclusion in Jordan to 65 per cent by 2028 and further reduce the gender gap.

ABJ Chairman Bassem Khalil Salem commanded the platform as a “groundbreaking initiative” designed to enhance financial literacy across all segments of society. 

He also said that "financial awareness is directly linked to financial inclusion, enabling individuals and small businesses to engage in the formal economy, reducing the informal sector, promoting transparency, and driving economic growth."

ABJ Director General Maher Mahrouq said that the platform aims to tackle critical challenges such as limited financial literacy and poor personal financial planning.

He also noted that it offers four main sections: an overview of the banking sector, financial literacy, entrepreneurship, and financial technology.

Mahrouq also said that the platform is a model of institutional cooperation, developed in partnership with the CBJ, local and international institutions, and banks.

Mahrouq also highlighted plans to partner with Al Hussein Technical University to create a financial literacy curriculum that will be freely accessible online and, eventually, offered as an elective course at the university.

The launch event was attended by key figures, including Kuwaiti Ambassador to Jordan Hamad Rashid Al Mari, bank executives, and financial experts.