Jordan, Iraq, Egypt central banks announce joint initiative for retirees' pension payment

AMMAN — The central banks of Jordan, Iraq and Egypt, and the "Buna" platform on Thursday announced a joint initiative launching a service that allows the retirees living in Arab countries to receive their pension payments via the platform.

Buna is a cross-border and multi-currency payment system founded by the Arab Monetary Fund (AMF) in 2018. 

Buna was created in execution of the Council of Governors of the Arab Central Banks and Monetary Authorities' decision, to mandate the AMF to establish a cross-border payment system that supports further economic and financial integration between Arab countries and expands trade and investment activities with global trading partners, according to their website.

The first phase of the initiative, which includes all three countries, would allow retired Iraqis residing in Jordan and Egypt to receive their monthly pensions.

To receive retirement benefits payments, Iraqi retirees must have accounts with banks that have completed Buna’s requirements.

As more central banks join the platform, plans are being made to include more countries in the initiative to improve services for retirees in the Arab world, as well as to develop the efficiency of other payment types, including allowances for students with scholarships and healthcare recipients, transfers from diplomatic missions, and other government payment initiatives. 

CBJ Governor Adel Sharkas said that support for the initiative is a continuation of the bank's efforts to encourage the usage of Buna and the bank's policy to enhance economic and social integration among Arab countries, according to the Jordan News Agency, Petra.