Circular on Financial Literacy and Awareness for Financial Service Providers

In the Name of Allah, the Most Gracious, the Most Merciful

[Logo of the Central Bank of Jordan]

Number: 66/5/27 Date: 20/7/1445 AH Corresponding to: 1/2/2024 AD

Circular to all banks and financial institutions subject to the supervision and oversight of the Central Bank of Jordan

Greetings,

Committed to the Central Bank of Jordan's goal of disseminating and enhancing financial culture and raising the level of financial awareness among all members of society, and recognizing the important role of financial and banking service providers in disseminating and enhancing financial culture and empowering customers to make sound financial decisions and reduce their exposure to risks, and with the aim of unifying efforts in this field at the national level, the following has been decided:

First: Financial and banking service providers must, in order to enhance financial literacy among customers, focus on key topics concerning customers such as interest rates, commissions, and banking services, through:

1. Preparing financial awareness and education programs to enhance and develop knowledge, skills, and attitudes to achieve proper customer behavior, ensuring their understanding of risks and making sound financial decisions that suit their interests, so that sound financial behavior becomes part of their habits.
2. Using diverse financial awareness and education tools and channels suitable for all segments of society in all governorates of the Kingdom.
3. Providing educational materials that ensure customers with disabilities can access financial products and services (such as Braille publications) and adapting websites to suit the needs of this category in accordance with prevailing regulations.
4. Distinguishing between marketing products and services and financial education.

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1 Form (1/1/09) P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

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[Logo of the Central Bank of Jordan] Central Bank of Jordan

Second: Financial and banking service providers must disseminate the necessary awareness to customers regarding their products and services as follows:

1. Providing all information and data about the services and products offered in an appropriate manner to facilitate customers' understanding of available financial products and comparison between them, with periodic review and updates.
2. Ensuring the establishment of appropriate mechanisms to introduce customers to the optimal use of provided financial products and services, and offering necessary advice and messages to protect them from financial fraud.
3. Utilizing customer satisfaction measurement tools, especially regarding complaints submitted by customers, in addition to monitoring customer behavior and feedback regarding the use of provided products and services to improve those products and services in a way that achieves customer interests.

Third: Financial and banking service providers must comply with providing the Central Bank with the following:

1. Activities carried out regarding financial awareness and education annually starting from 2024, and no later than the end of January of the following year, according to the attached form.
2. The name of a liaison officer in the field of financial education and awareness with the Central Bank and a substitute for them, and specifying the means of contact with them, and informing the Central Bank of any modification or change that occurs regarding this.

This circular is effective from its date.

Please accept our highest regards,

[Signature] Governor Dr. Adel Al-Sharkas

Attachment: Financial Awareness and Education Activities Monitoring Form

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2 Form (1/1/09)

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[Logo of the Central Bank of Jordan] Financial Awareness and Education Activities Monitoring Form

Central Bank of Jordan Financial Consumer Protection Department Financial Awareness and Education Section

For communication or inquiries: Financial Consumer Protection Department Phone number: 064630301 Extension: 2832/4868 Email: Financial.Literacy@cbj.gov.jo

The form aims to enumerate all activities/programs/initiatives aimed at raising the level of financial awareness and culture provided by you. This form consists of two parts: the first relates to general information about the bank or financial institution subject to the supervision and oversight of the Central Bank of Jordan, and the second part relates to activities implemented by you. Therefore, please fill in all items of the form accurately and resend it via email.

Contact Information
Bank/Financial Institution Name:
	Liaison Officer Name (Primary):
	Contact Phone Number:
	Email:
	Liaison Officer Name (Alternate):
	Contact Phone Number:
	Email:
General Information about the Awareness (Program/Activity/Campaign/Initiative)
Name:
Topic/Summary:
Objective:
Governorate:
Period/Execution Date:
Target Audience:
Financial Education Tool/Channel Used:
Recommendations and Expected Impact on Financial Consumer:
Frequency (Program/Activity/Campaign/Initiative):

A detailed form is used for each program/activity/campaign/initiative.