Military Credit Fund announces mobile banking service

AMMAN — Since its establishment in 2011, the Military Credit Fund (MCF) has financed around 64,000 Jordan Armed Forces-Arab Army (JAF) and security apparatus personnel at a value of JD455 million, MCF Director General Hassan Awawdeh said on Tuesday. 

He noted that the MCF’s finances stood at JD64 million last year, with a targeted JD66 million for this year, according to the Jordan News Agency, Petra.

Awawdeh’s remarks were made during a press conference to announce the MCF’s mobile banking service, which connects military personnel to their accounts at the fund and facilitates online payment for water, electricity and phone bills. 

The MCF is not monitored by the Central Bank of Jordan, Awawdeh said, noting that the fund implements its own regulations on banking institutions and is under the administration of the JAF. 

According to Awawdeh, the MCF has contributed to a 7 per cent increase of financial inclusion for its programmes targeting military recruits, according to Petra. 

There are challenges facing the fund that have hindered its expected growth, most notably its financial resources, which are limited to its capital and revenue from rent, Awawdeh said.

He added that the fund is currently discussing with Islamic funding institutions ways to increase capital based on the MCF’s feasibility studies, Petra reported. 

The MCF was founded by a Royal initiative in 2010 at a capital of JD140 million with the aim of providing funding sources for the JAF and security personnel at low costs.