AMMAN : A first-of-its-kind initiative focusing on financially empowering vulnerable groups such as low income Jordanians and refugees was launched on Wednesday, it has been announced.
The Mobile Money for Resilience (MM4R) is the result of an agreement signed between the Central Bank of Jordan and Bill & Melinda Gates Foundation. According to a statement released here, MM4R will provide access to more advanced digital financial services, such as payment transfers, savings and credit
Launched with a $3 million contribution from the Bill & Melinda Gates Foundation, MM4R hopes to raise up to $11 million over five years to scale up mobile money services in government and humanitarian agency cash transfer programs.
MM4R mainly targets low income Jordanians in Ma’an, Tafileh, Mafraq and the capital Amman, in addition to refugees. Jordan currently hosts over 655,000 Syrian refugees registered by the UNHCR. Using mobile money for cash assistance will build resilience in households and businesses, and support local economic development, said the statement.MM4R will facilitate partnerships between donors, government agencies, humanitarian actors, and the private sector aimed at improving the quality of life of refugees and Jordanians by expanding access to finance, developing the digital financial service ecosystem, and improving the effectiveness of humanitarian cash transfer programs. The program will be managed by a dedicated unit, which will be embedded in the Central Bank of Jordan.
