Regulatory Alerts2023-10-18
Added · Updated
Central Bank of Jordan Collection Guidelines for Microfinance Companies
The Central Bank of Jordan issued Collection Guidelines for Microfinance Companies, requiring them to adopt a binding collection policy approved by their Board of Directors effective April 1, 2023. The rules limit phone calls to a maximum of 25 per month between 8 a.m. and 5 p.m., prohibit contact on Fridays and official holidays, and ban the use of harsh language or third-party pressure tactics. Companies must document client objections and resolve them within 10 working days, while also ensuring third-party debt collectors are lawyers and maintaining strict confidentiality of client data.