JoPACC Launches Its Second Strategy for 2023-2026

2023-01-18 08:41

 

With its high-level objective envisioning the provision of a “Comprehensive and innovative financial ecosystem benefiting all and contributing to digital financial inclusion and digital economy in Jordan,” the Jordan Payments and Clearing Company (JoPACC) announced its new quadrennial strategy for (2023-2026). The strategy builds upon the company’s previous strategy for the years 2019-2022, which aimed to enhance the digital financial infrastructure in Jordan and digitize financial services, streamlining them and increasing their reach, adoption, and usage, in an endeavor to increase financial inclusion in Jordan.

The new strategy is aligned with the national objectives, the most notable of which are the National Digital Transformation Strategy and the Economic Modernization Vision. The strategy encompasses six pillars, three of which are vertical, reflecting JoPACC’s core areas of work and focusing mainly on enhancing digital liquidity, introducing and expanding digital rails, and enabling FinTech innovation. The other three are cross-cutting pillars and intersect with the vertical pillars’ areas of focus, covering governance, compliance, risk management, cyber resilience, safety, and consumer protection; and data analytics and knowledge production and dissemination, in addition to the advocacy and outreach approach that JoPACC is adopting to establish an effective dialogue between all stakeholders and obtain their buy-in for enhancing digital financial inclusion in the Kingdom.

The drawing-up of this strategy followed several stages, the first of which involved conducting an impact assessment of JoPACC’s first strategy, with the participation of all stakeholders, to obtain a comprehensive understanding of its areas of impact and potential for development. JoPACC further conducted quantitative and qualitative research on key market concepts and digital financial services adoption. It also played a vital role in developing the Economic Modernization Vision of the Kingdom, providing it with a comprehensive understanding of the financial ecosystem and national directions. Furthermore, JoPACC conducted a SWOT analysis to identify the company’s strengths, weaknesses, opportunities, and threats. Considering all findings, JoPACC laid the groundwork for its second strategy and followed that up with consultations with the sector to consider key actors’ perspectives and acquire their support for its strategic direction.

As part of its new strategy, JoPACC will maintain continuous and open communication with the sector throughout all of its projects and initiatives, which constitutes the cornerstone for all other pillars of the strategy. JoPACC also devoted considerable attention to promoting innovation in financial technology, which is one of the new pillars that has been added to its strategy and which will be clearly manifested by the official launch of its JOIN Fincubator coming soon this year.

Under the umbrella of its first strategy, JoPACC launched cutting-edge digital financial systems and services and enhanced the features of the available services (such as launching the CliQ instant payment system, upgrading the JoMoPay system for mobile payments, introducing aliases in money transfers and enabling QR code payments to merchants). Moving forward, this strategy seeks to foster innovation in digital financial services and increase the uptake of digital payments in the local market in collaboration with the financial sector and strategic partners. JoPACC also plans to launch the digital financial ID to enable remote and digital onboarding to financial services, making it easier for users to benefit from a plethora of financial services remotely and eliminating the hassle of visiting financial institutions.

Through this strategy and its holistic vision, JoPACC is committed to enhancing digital financial inclusion in Jordan, which brings significant benefits to the economy, the most prominent of which is saving time, effort, and cost for all stakeholders of the financial ecosystem, individuals and institutions alike.

Download the strategy here