National Microfinance Bank
National Microfinance Bank
Promoting financial inclusion through tailored and optimal microfinancing solutions and digital services for low-income individuals, small and micro enterprises, women and youth in Jordan.
BCTA MEMBERSHIP STATUS
Active
SECTOR
Financial Services
HEADQUARTERS
Jordan
REGION OF INITIATIVE
Arab States
SDG CONTRIBUTION
CASE STUDIES
The Impact Goal
The National Microfinance Bank of Jordan (NMB) joined BCtA in 2021 with the goal of providing low-income individuals with increased access to financial services. By 2024, NMB aims to reach an additional 54,587 Jordanians, of which 90% are women and youth, with access to the bank’s financial services, and to support the growth of an additional 5500 medium, small and micro enterprises (MSMEs).
The Market Gap
The need to make financial institutions accessible to low-income, underserved and excluded individuals and small businesses in Jordan is a gap that needs to be closed.
MSMEs for example have both financial and non-financial needs that need to be addressed in order for them to improve their businesses and seize the opportunities available to them. The need to provide access to these kinds of services also extends to Jordanian women and youth who are potential start-up owners needing training on financial literacy.
The Business Solution
NMB uses individual and group loan methodologies that enable it to tailor its lending specific to the needs of its beneficiaries—based on the potential clients’ credit value and capital requirements.
Loans start at USD 300 and extend up to USD 70,000. Through its adaptive approach in penetrating the segmented targets in the market, the institution is able to offer reasonable and appropriate financial and non-financial services to underserved entrepreneurs. NMB has the facility of fairly allocating its resources parallel to the actual needs of its potential clients, and is able to provide appropriate lending amounts and tailored payment periods through various platforms, including digital financial solutions. This allows entrepreneurs and low-income individuals to suitably manage their money.
About National Microfinance Bank: Founded in 2004, NMB is a Jordanian microfinance institution registered as a private shareholding company and licenced by the Central Bank of Jordan to provide financial service for the targeted segments according to the international practices in the microfinance industry. NMB provides its services to more than 90,000 active clients through a network of 34 branches all over the kingdom as of June 30th 2021.