Fintech Overview of Jordan in 2024: a Forward-Thinking Country With a Historic Background

Jordan, an Arab nation on the east financial institution of the Jordan River, is essentially recognized for its historic monuments, and nature reserves. However past its historical past, and small measurement, the Center Jap nation goals to grow to be a tech and fintech front-runner within the area. 

Regardless of its restricted assets in comparison with neighbouring international locations, Jordan boasts a diversified financial system. Commerce and finance account for almost a 3rd of its gross home product (GDP), whereas transportation, communications, public utilities, and development characterize one-fifth. Mining and manufacturing additionally contribute considerably.

Capital and monetary hub

Amman

Key financial improvement methods

Jordan 2025

Monetary Expertise & Innovation Imaginative and prescient

Financial, monetary providers and fintech overview

Jordan’s tech scene has skilled outstanding progress, with startup funding rising by almost 500 per cent in 2021 in comparison with the earlier 12 months. Regardless of its small measurement, Jordan has a vibrant entrepreneurial ecosystem.

Round 27 per cent of tech entrepreneurs within the Center East and North Africa (MENA) area are Jordanian, regardless of the nation making up solely three per cent of the area’s inhabitants. Nonetheless, many Jordanian entrepreneurs go away the nation for higher alternatives elsewhere.

Jordanian startups have secured a complete of $246million by way of 220 offers between 2018 and 2022, putting the nation fourth in VC funding and rounds in MENA, behind solely the UAE, Saudi Arabia, and Egypt. Notably, Jordan accounts for 23 per cent of complete MENA know-how entrepreneurs.

A major proportion of Jordanians dwell overseas, estimated to be round 10 per cent, and remittances play a considerable function within the nation’s GDP. Moreover, Jordan hosts hundreds of thousands of refugees, however solely 12 per cent have been estimated to have a checking account or cellular pockets in 2022. Total, 43 per cent of grownup Jordanians have been estimated to have entry to banking providers or cellular wallets, with over 60 per cent having insurance coverage.

In 2018, the Central Financial institution of Jordan launched one of many first regulatory sandboxes within the MENA area to foster innovation.

Notable fintech firms in Jordan embody MadfooatCom, specialising in real-time fee processing options; Liwwa, the primary peer-to-peer lending platform within the MENA area; in addition to MEPS, a regional fee service supplier catering to monetary establishments, retailers, and firms. These fintech ventures showcase Jordan’s rising prominence within the tech and innovation house within the MENA area.

Sector breakdown

Key organisationsCentral Financial institution of Jordan – The Kingdom’s central bankMinistry of Digital Financial system and Entrepreneurship – The physique accountable for setting insurance policies and laws to control the data know-how, communications and postal sectorJordan Funding Fee – Nationwide funding promotional company of the KingdomKey fintech highlights timeline

Key statistics in Jordan

That is an excerpt from The Fintech Instances: Center East and Africa (MEA) 2024 Report: learn on-line