Media ININ Economy We Trust
Media In / Amman 3 July 2018
The Central Bank of Jordan issued instructions to protect the financial consumer of the microfinance sector, to be applied to all microfinance companies operating in the Kingdom as of October 1. “These instructions complement the efforts of the Central Bank of Jordan to develop a unified regulatory framework for the supervision and control of the microfinance sector, and to promote the principles of protecting and dealing with customers transparently,” the Central Bank said in a statement issued on Tuesday. These instructions are part of a package of instructions issued by the Central Bank under the supervision and regulation of the work of the microfinance sector. The instructions have addressed the following main points: Product or service design, credit policy and responsible pricing, and protect customers from the risks of over-indebtedness, disclosure and transparency, allowing customers to compare and choose between services provided by financial institutions with emphasis on the customer’s right to know the actual interest rates and fees and other costs associated with the service and / In addition to protecting customer data and dealing with them fairly and respectfully. Regarding the handling of customer complaints, the directives of the “Internal Procedures for dealing with complaints of customers of financial and banking services providers” issued by the Central Bank on 28 August 2017 are applied. These guidelines are a model and integrated framework developed in line with global standards of professional practices and best practices and in line with the principles of Smart Campaign, which was established in 2009 by several microfinance companies, as well as a number of networks, federations and international organizations Which aims to unify international efforts to protect microfinance clients around the world.
