Regulatory Alerts2020-04-27
Added · Updated
Circular to Microfinance Companies in the Kingdom Regarding Support Measures for Clients Affected by the Coronavirus Pandemic
The Central Bank of Jordan mandates microfinance companies to postpone loan installments for affected clients for April and May 2020 without charging additional fees, while ensuring these arrangements do not negatively impact clients' credit records with CIB. The circular requires companies to review pricing policies to potentially reduce costs for existing clients and direct new financing toward productive projects. Additionally, microfinance entities must enhance customer service capacity, intensify digital awareness campaigns, and maintain robust business continuity and liquidity management plans to address crisis-related challenges.