Number of e-cards in Jordan reaches 6.4 million in 2023 — CBJ governor

AMMAN — The number of e-cards in Jordan reached 6.4 million in 2023, with transactions totaling JD18.7 billion, marking an increase of 11 per cent compared to 2022, according to Central Bank of Jordan (CBJ) Governor Adel Sharkas.

His remarks were made during the Financial Technologies and Cyber Security Exhibition and Conference (FinConJo2024), which commenced on Monday and was organised by SOFEX Jordan.

“The digital transformation has become a contemporary global trend and a necessary reality,” Sharkas said.

Sharkas said that positioning Jordan as a major regional hub and an investment destination for financial technology is a key goal of the CBJ, which will be achieved by promoting the transition to a cashless digital society through the use of digital financial services, which is part of the Economic Modernisation Vision in Jordan and its executive programme for 2023–2025.

Highlighting Jordan’s financial technology achievements in 2023,Sharkas said that the CBJ developed The Automated Clearing House (ACH), which processed transactions worth JD8.5 billion. 

The value of e-payment system for companies in 2023 reached JD41 billion, the governor said. 

The E-Fuwatircom system also saw significant activity in 2023, with cashless transactions valued at $23.116 billion, CBJ governor said.

Regarding the Click system, Sharkas said that the digital financial service expanded its user base to 3.4 million in 2023, with transaction values reaching JD8.2 billion, reflecting significant growth from the previous year.

In an interview with The Jordan Times, General Manager of he Association of Banks in Jordan Maher Mahrouq said, “Jordan is focusing on the banking sector because it is the fastest at absorbing digital transformation.”

He noted that the banking sector often leads digital transformation worldwide. "If there is a digital transformation, not only in Jordan but in any country, it will be led by the banking sector," he said. He attributed this to the sector's competitive nature, efficiency, cost-reduction strategies, and technological adaptability. 

Mahrouq added that the sector's competitiveness drives banks to continuously seek innovative ways to enhance efficiency, reduce costs, and improve service levels.

Comparing Jordan’s banking sector with others globally, Mahrouq expressed confidence in Jordan's advancements, saying, "I think that Jordan is one of the advanced countries in this field."

Assistant for Planning, Organisation, and Defense Resources Brig. Gen. Talal Ali Algbean emphasised that the conference embodies the wise directives of His Majesty King Abdullah, the Supreme Commander of the Armed Forces.

The two-day exhibition, held from June 24 to 25, featured a diverse range of panel discussions on digital transformation, cybersecurity trends, and artificial intelligence.