Regulatory Alerts2021-08-09
Added · Updated
Circular on Consumer Protection Regulations for Payment and Money Transfer Companies
The Central Bank of Jordan requires payment and money transfer companies to modify their electronic websites to comply with Article 26 of the Consumer Protection Instructions for Payment and Money Transfer Companies No. 3/2021. Affected entities must publish product information, fee schedules, branch details, licensing status, and the Consumer Protection Instructions on their websites. The Central Bank mandates that these companies submit supporting documentation to verify completion of these modifications.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 4/27/1698 Date: 9/8/1442 AH Corresponding to: 8/4/2021 AD
Circular to Payment and Money Transfer Companies
Greetings,
Based on the provisions of clauses (a-d) of Article (26) of the Consumer Protection Instructions for Payment and Money Transfer Companies No. (3/2021) dated 2021/3/3, which obligate the payment service provider as follows:
a. Establish an electronic website through which to publish and disclose all information related to the products and services offered, the list of commissions and fees charged, and other information that contributes to forming a clear understanding among customers regarding the payment service provider and the nature of its services and products.
b. Clearly advertise its places of business, branches, agency network, working hours, and contact information on the electronic means available to the payment service provider, including the electronic website.
c. Advertise in its branches, agency network, and electronic means, including its electronic websites, advertisements, promotional materials, and any other communication channel it uses, that it is licensed by the Central Bank.
d. Publish the Consumer Protection Instructions for Payment and Money Transfer Companies on its electronic website.
Please work on modifying the electronic website to comply with the provisions of the aforementioned Article, and provide us with supporting documentation upon completion of the modification.
Accept our highest respect,
[Signature] Governor Dr. Ziad Faris