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.