Regulatory Alerts2023-01-04
Added · Updated
Central Bank of Jordan Instructions on Fees for Microfinance Companies No. 1/2023
The Central Bank of Jordan issued Instructions No. 1/2023 establishing maximum fee limits for microfinance companies operating in the Kingdom, effective 90 days after publication. The document prohibits fees not listed in the attached schedule and caps specific charges, such as a 1% credit granting fee and fixed late payment amounts based on installment size. It mandates transparent disclosure of all fees and restricts late payment fee calculations to a maximum of 120 days. Additionally, the instructions define early repayment procedures and authorize the Bank to impose penalties for violations under the Banking Law.