Cenfri, in partnership with the GIZ I-FIN project, is providing technical assistance to the Central Bank of Jordan (CBJ). In line with Jordan’s Economic Modernisation vision to position Jordan as a fintech hub in the region, the CBJ has prioritised its objective to improve the enabling environment for fintech and innovation within the financial sector. Cenfri is supporting the CBJ by providing direct support to four internal departments as well as specific regulatory guidance. 

This multi-year programme is part of Cenfri’s Regulating for Innovation (Reg4Inno) portfolio, and it allows us to build on prior experience in supporting regulators, policymakers and financial service providers to innovate responsibly.  

The scope of this programme includes support to the: 

Fintech unit  

• Technical assistance and capacity development for the newly established fintech and innovation unit  

Consumer protection department  

• A framework and roadmap for establishing effective recourse channels in Jordan, with evaluation of the feasibility and appropriateness of an ombudsman 

• Development of  digital financial services guidelines  

Insurance department  

• Informing the development of microinsurance regulation 

• Support in supervising insurtechs and enabling insurance market innovation 

Banking supervision department  

• Developing a regulatory framework for digital banks  

Substantive progress has already been made. With support from Cenfri, the CBJ has launched their fintech vision and the JoRegBox (a regulatory sandbox providing a controlled, safe environment for fintech innovators). We are providing both technical assistance and capacity development to the fintech unit – this includes support for a new communications strategy.  

Cenfri facilitated a study tour to the UK where members of the CBJ’s fintech and innovation unit were able to meet with, and learn from, public and private sector counterparts. Furthermore, as part of the capacity development process, we also conducted a training workshop with the Central Bank of Iraq during their study tour to Jordan to share global lessons on regulating for innovation as well as specific lessons from the project with CBJ. 

We developed a framework and roadmap for establishing effective recourse channels in Jordan, including consideration of the feasibility an ombudsman for the sector. Cenfri was pleased to host a delegation from the CBJ’s consumer protection department during a study tour to South Africa in late 2023. 

Digital financial services guidelines have been developed and we have been collaborating with the CBJ in enabling insurance market innovation.