Umniah launched Mahfazti microfinancing services with National Microfinance Bank to provide mobile payment services to their clients

Amman, December 10 2017 As part of its continued efforts to simplify the lives of its customers and introduce services with considerable added value. Umniah as an agent for AL-Hulool Company - a Jordanian mobile payment service provider for JoMoPay - recently signed an agreement with the National Microfinance Bank (NBM) to offer the bank’s clients funding and mobile payment solutions via Mahfazati app developed by Umniah or NMB’s official mobile app, which will offer substantial cost and time savings for both the bank and its clients. The agreement was signed by Umniah’s Marketing Director, Zaid Ibrahim, and NMB’s General Manager Sameh Mahariq. The signing was attended by representative of the Central Bank of Jordan and a number of senior officials from both parties. The National Microfinance Bank had received a grant from the Local Enterprise Support Project, which is funded by USAID LENSE, to provide digital financial services to owners of small, medium and micro projects in Jordan who do not have bank accounts by developing a mobile application and merging it with the digital services solutions provided Mahfazti through by JoMoPay. This will allow the bank’s clients to finance small projects by offering loans and accepting installments made through smart phones. “This agreement with NMB seeks to provide a secure and convenient way for instant digital payments for the bank’s clients for the purposes of securing loans and making pending payments, in addition to making withdrawals and transfers, all through the Mahfazati app on their mobile phones,” commented Umniah’s Marketing Manager, Zaid Ibrahim. Ibrahim further noted that NMB is providing its clients with the choice of using the Mahfazati app or its own mobile app after merging the functionality of both apps, adding that the bank’s 75,000 clients can use the Mahfazati app for up to one year. “Mobile payment services are considered a key step toward financial inclusion, allowing more clients access to revenue-generating projects at a relatively lower cost,” commented NMB’s General Manager Sameh Mahariq. “This is the future of global financial services, and I commend the efforts of our partners in this agreement, which will offer our current and prospective clients a versatile service that will open up new possibilities of managing their businesses.” Maha Al Baho, the Executive Manager of Operations and Financial Inclusion at the Central Bank of Jordan, said: “Mahfazati aims to allow all Jordanians and residents to open electronic wallets associated with their mobile phones regardless of their mobile operator. This service will open up new ways for users to make payments and transfer funds within the Kingdom, offering both security and convenience.” “We hope that today marks a major milestone in our evolution from cash to digital payments, which will serve all Jordanians and residents and support our overall objective of financial inclusion,” added Al Baho, noting that the Central Bank of Jordan has established the electronic infrastructure to support registered financial solutions providers and banks. UNDP Programme Manager Majida Al Assaf said: “UNDP was among the first organizations to provide this service in order to make cutting-edge technologies more accessible to today’s youth. The move to digital services stems from UNDP’s belief in the critical role played by technology in sustainable development. As such, this service will be made more widely available to include all beneficiaries around the Kingdom with the objective of saving both time and effort that could be then allocated to training, while ensuring that all participants receive their due payments without delay.” AlHulool’s CEO Mona Qaddoumi said: “We are immensely proud of this initiative by Umniah and NMB, which will work toward reaching a segment of the community that is seldom targeted within the financial sector, such as microfinance clients. This initiative will help these segments gain access to digital financial solutions that are both easy and secure.” It is worth noting that, in 2014, Umniah participated in the founding of Mahfazati with the objective of spearheading national efforts toward financial inclusion under the umbrella of the Central Bank of Jordan. This step stemmed from Umniah’s awareness of the importance of financial inclusion by allowing all segments of the community access to quality financial services. END