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Jordan Kuwait Bank and CRIF Forge Strategic Alliance to Empower MSMEs

At a ceremony attended by representatives from both organizations, Jordan Kuwait Bank signed a partnership agreement with CRIF Information Technology Solutions – Jordan

Jordan Kuwait Bank has recently collaborated with CRIF ITS – Jordan to support its strategy of enhancing SME financing tools in Jordan and the region. Through this agreement, CRIF ITS will partner with the bank to improve the newly launched SME portal by implementing a robust decisioning and eligibility check process, leading to a more efficient lending experience.
The CBO of Jordan Kuwait Bank, Mr.Zuhdi Al Jayyousi, and the Head of Consulting and Solution of CRIF, Mr.Roberto Ciraci, signed the agreement.
Mr. Zuhdi Al Jayyousi remarked, “Our collaboration with CRIF will enable us to transform the concept of instant finance into a tangible solution for numerous small and medium enterprises (SMEs). This initiative will provide SMEs with a faster, more transparent, and dependable method to apply for and obtain loans.”

Mr.Zuhdi Al Jayyousi the CBO of Jordan Kuwait Bank reaffirmed the bank’s commitment to supporting MSMEs, stating, “At Jordan Kuwait Bank, we recognize the vital role that MSMEs play in driving economic growth and innovation. Our dedication to empowering these enterprises through enhanced financial solutions and data-driven insights underscores our commitment to fostering a thriving business environment in Jordan.”

Mr. Al Jayyousi added: “the introduction of a scoring system will significantly benefit MSMEs by providing a clear, data-driven assessment of their creditworthiness. This will enable quicker loan approvals and better access to financing, empowering MSMEs to grow and thrive. Data analysis is critical for MSMEs as it offers insights into their financial health, operational efficiency, and market opportunities, allowing for more informed decision-making and strategic planning. Jordan Kuwait Bank’s expertise in data analysis will enhance the accuracy and reliability of the scoring system, ensuring that MSMEs receive fair and timely evaluations”.

Commenting on the partnership, Mrs.Areej Obiedat the General Manager of CRIF Information Technology Solutions – Jordan said, “At CRIF, we are committed to support the Jordanian banking sector by understanding the challenges that businesses encounter. Given the economic uncertainty in obtaining financing, small business owners deserve an improved experience when applying for funding. Through our collaboration with Jordan Kuwait Bank, we are facilitating the instant lending process by making decisioning easier and faster.”
This initiative is vital for Jordan as it aims to bolster the economy by supporting the backbone of the business sector – MSMEs. By improving access to finance, the collaboration will drive innovation, create jobs, and contribute to sustainable economic development in the country.

The Jordan Payments and Clearing Company (JoPACC) and the Association of Banks in Jordan (ABJ) have signed a Memorandum of Understanding (MoU) that aims to enforce collaboration in more aspects and areas to better serve financial literacy and inclusion among various segments of Jordanian society.

This collaboration will take many forms, the most important of which is the integration of ABJ’s latest project, “FinApp,” and the Application Programming Interfaces (APIs) for Open Banking, which JoPACC standardized earlier this year in partnership with the commercial banks in Jordan. These APIs allow access to information regarding the banks’ branches, ATMs, opening hours, and all sorts of available services and products. This platform’s importance lies in providing easy access to updated information about all banks and financial institutions which reinforces financial inclusion within the public in Jordan.

Another aspect of this collaboration will be knowledge dissemination within the digital financial services area by developing and producing financial literacy material and publishing it for the public on FinApp. JoPACC will provide and build more on the already existing material to ensure cohesive financial knowledge nationwide.

JoPACC, alongside the Association of Banks in Jordan, will also organize multiple digital financial services training sessions and workshops through the ABJ’s partners’ network in various governorates in Jordan. This will aim to reach underserved communities, specifically students, women, and refugees. This comes in line with one of JoPACC’s main strategic pillars: Data Analytics and Knowledge Production and Dissemination.

Her Excellency Ms. Maha Bahou, CEO of JoPACC, commended this partnership with the Association of Banks, focusing on its vital support for the digital economy in Jordan. Ms. Bahou stated:” The Association of Banks has always been one of JoPACC’s top supporters, and we’re very proud and excited to take this partnership to a new level.”

Estarta just participated in the WISE EMEA FY24 celebratory fireside chat. Read more about it here by scrolling. So, without further ado, check it all out below!

WISE EMEA Overview

Hiba Odeh, the Director of Operations: AMM-TAC at Estarta, took part in the WISE EMEA FY24 Celebration fireside chat. The event, held on July 18th, highlighted the crucial themes of allyship and advocacy for women in the workplace. Moreover, it was particularly on the less privileged areas of Jordan. This celebration served as a platform to promote women’s participation and advancement in the Information and Communications Technology (ICT) sector.

Allyship and Advocacy

The fireside chat provided a deep dive into what allyship means in today’s professional landscape. Hiba Odeh, along with other distinguished speakers, shared many insights. Plus, on top of that, they emphasized the importance of allyship in creating an inclusive and supportive work environment. Furthermore, the discussion covered various aspects, including:

• Understanding Allyship: The fundamental concepts of allyship and its role in creating a more inclusive workplace.
• Importance of Advocacy: Strategies to advocate effectively for women, ensuring their voices are heard and their contributions recognized.
• Actionable Steps: Practical actions that individuals and organizations can take to drive impactful allyship and advocacy.

Estarta and Women in ICT

One of the event’s key focuses was promoting women in the ICT sector. In regions like Jordan, women often face additional barriers to entering and advancing in this field. Thus, initiatives like WISE (Women in Science and Engineering) are vital. Ms. Odeh discussed the challenges and opportunities for women in ICT. Moreover, these points highlighted success stories, female representation percentages, and ongoing efforts to support women’s careers in technology. Specifically, in terms of female representation, Estarta stands at an impressive 46%.

The conversation also shed light on the specific challenges faced by women in less privileged areas. The speakers explored ways to provide these women with the necessary resources, education, and support to succeed in the ICT industry. By addressing these disparities, the WISE EMEA initiative aims to create a more equitable and prosperous future for all women in the sector.

Final Thoughts

Hiba Odeh’s participation in the WISE EMEA FY24 Celebration underscores Estarta’s commitment to supporting and empowering women in the workplace. Furthermore, it particularly goes for that in the ICT field. Through allyship and advocacy, we can collectively work towards a more inclusive and diverse industry, ensuring that all women have the opportunity to thrive.

Stay tuned for more updates on our initiatives and join us in celebrating the achievements of women in ICT! For more, head over to Estarta’s news blog. Also, stay informed on our social media channels. These include Instagram and Twitter (X).

As part of its efforts to engage university students and empower the new generations with the needed knowledge and skills within the fintech industry, Jordan Payments and Clearing Company (JoPACC) through its JOIN Fincubator will be holding a one-of-a-kind fintech competition where university students will be working on developing and presenting innovative solutions to enhance the current services on CliQ.

The “Fintech Rally” competition follows a series of engaging training sessions and workshops. These informative events, conducted by experts from JoPACC, Technology Strategies Middle East, and Software AG, focus on highlighting essential topics:

• ReactJS Training
• React Native Training
• Business Process Engine Training
• Application Programming Interface (API) Training
• CliQ and JoMoPay Overview

120 students, forming 24 teams from 10 universities across Jordan, will participate in this three-day hackathon to come up with new innovative solutions to enhance the one of the services available on CliQ.

By the end of this competition, all participating teams will pitch their solutions to a jury panel of esteemed industry experts and market leaders, who will evaluate the solutions and decide on the winning teams.

This Fintech Rally is organized in collaboration with Technology Strategies Middle East, which will hold sessions throughout the hackathon to mentor, guide, and direct the students toward building the right processes and solutions.

It is worth noting that JoPACC has recently extended its partnership with TSME for another five years. This renewal comes following the successful collaboration over the past two years, particularly through the establishment of the Future Fintech Disruptors Academy, which was designed to target university students and junior banking employees to empower them with essential fintech knowledge and the latest technologies to bridge the gap between academia and the workforce landscape aiming to cultivate industry leaders among banking employees and contribute to the advancement of the fintech ecosystem in Jordan.