FINCA Jordan Receives New Microfinance License
On December 20, 2017, FINCA Jordan received a microfinance license from the Central Bank of Jordan. It becomes the first microfinance institution to be fully licensed and regulated by the Central Bank under licensing requirements introduced in April 2016. FINCA Jordan will begin using the name FINCA Microfinance Jordan while providing responsible loans and financial services to customers throughout the country.
“It instills confidence and comfort in our shareholders and clients, knowing that FINCA Microfinance Jordan is a licensed entity”, said Chief Operations Officer Mehman Tatliyev. “The comfort of having the license means we can think strategically about the long-term. We’re here to stay.”
The company’s mandate will not change, as FINCA Microfinance Jordan will continue to offer products and services aimed at increasing the productivity of individuals and micro and small enterprises. The company currently provides financial products that support women’s financial inclusion, small business expansion, agriculture sector development and education and training, among other things.
The newly-licensed microfinance institution continues to be a catalyst for economic inclusion, leveraging technology and innovative business practices to reach people not currently served by commercial banks. It works to advance FINCA’s overall mission, which is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living.
The company currently has 29,400 customers and 92 percent of its borrowers are women. All services are provided in accordance with client protection principles that ensure transparent, responsible and fair practices.
FINCA Jordan Chief Executive Officer Makhmud Saidakhmatov credited the Central Bank for rewarding the company’s efforts with licensure:
“We are thankful to the Central Bank of Jordan for the trust and support we received throughout the licensing process. As a company which has been in the Jordanian market for 10 years, such support from the regulator increases our confidence to do more for micro and small entrepreneurs and motivates our shareholders to invest even more into Jordan.”
FINCA Jordan submitted its license application in October 2016, a process that was spearheaded by Legal Department Manager Majdi Hammad.
FINCA Jordan was originally founded in 2007 with its head office in Amman. It now provides financial services from nine branches in various regions of Jordan: Amman, Al-Zarqa’, Jerash, Dair-Alla, Sahab, North Shonah Irbid and Madaba. The company is part of the FINCA Impact Finance network.