Due to Corona, we applied online, created an electronic e-Wallet account, took the money and started the project.
Marah Al-Masri - Al-Salt
- > 136,000 active borrowers
- > 96% of active borrowers are women
- Total amount of loans disbursed is > 661,575,358
- Repayment rate is > 98%
- > 1,000,000 loans
- > 31 international and local awards
- > 63 branches
- > 700 employees
- > 68% of employees are women
According to company statistics, by the end of last year, 27,000 digital wallets had been active for beneficiaries of Microfund for Women (MFW).
The total value of transfers through the digital wallets was 1 million and 625,000 JOD, and the amount of payment of funds made by the beneficiaries using eFAWATEERcom, from 2016 to the end of 2018, mounted up to approximately 7 million JOD.
According to company statistics released in a statement, Saturday, 15/01/2019, the growth rate of digital wallets registered with Microfund for Women was 137%, at the end of 2018 at about 19,000, compared with 8,000 2017.
MFW’s Managing Director, Muna Sukhtian, said that the company had adopted a digitalization policy in its various transactions and services, given the time saving, effort, and money provided by technology and its role in promoting transparency in various financial transactions.
MFW provided its clients with a mobile payment service under the Central Bank of Jordan’s monitoring and supervision through a smartphone application (my wallet) that enabled beneficiaries to open an account in the form of a digital wallet and provide them with an integrated financial system.
Sukhtian explained that the digital service, which is available in the 62 branches of MFW across Jordan, allows beneficiaries who benefited from services to receive funds on the wallet instead of cheques, as well as to make various transfers and payments, along with the possibility of withdrawing or feeding the balance of the wallet directly.
It is worth mentioning that MFW is the first micro-funding company to provide an easy digital wallet payment service that saves time and effort and lessens the financial burden.
Sukhtian noted that the digital wallet service enhanced MFW’s influential role in improving financial coverage in Jordan within the framework of the National Strategic Plan for Financial Inclusion 2020 launched by the Central Bank of Jordan.
Microfund for Women, which started its business in 1996, is a private, non-profit company, which does not distribute profits according to its founding law, is registered with the Ministry of Industry and Trade, and operates under the supervision and control of the Central Bank.