In a move poised to revolutionize the financial landscape in Jordan, Mastercard has teamed up with Cairo Amman Bank to introduce pioneering solutions in the realm of cross-border payments. This strategic collaboration aims to enhance financial inclusion while fostering a more accessible digital economy by facilitating money transfers from Jordan to 37 different countries. By leveraging Mastercard’s extensive capabilities, Cairo Amman Bank is set to offer faster, more secure international money transfers, complemented by value-added services like fraud analytics and risk control.
Dr. Kamal Al-Bakri, CEO of Cairo Amman Bank, has stressed the bank’s dedication to tackling the challenges inherent in cross-border payments while continuously innovating to provide the best solutions. Meanwhile, Adam Jones, the division president of West Arabia at Mastercard, has underlined the significance of this partnership in creating a robust payment ecosystem aimed at benefiting Jordanian businesses and consumers in the global market. The initiative, Mastercard Move, encompasses nearly 10 billion endpoints and serves an astounding 4.8 billion people, which represents over 95% of the world’s banked population.
This collaboration is not only a reflection of the ongoing trends identified in Mastercard’s Money in Motion series but aligns perfectly with the increasing demand for quick and secure cross-border payment options. The World Bank reiterated these trends by noting that Jordan’s remittance value surged to USD 4.94 billion in 2023, part of a broader global increase in remittance flows. This initiative is expected to fortify Cairo Amman Bank’s standing in Jordan’s financial sector while simultaneously spurring economic growth through enhanced payment solutions.