JoPACC

JoPACC was formally established in 2017, by advice of the World Bank to the Central Bank of Jordan to upgrade the legal framework around the management and operations of the payment systems to enhance the governance, and to segregate between the operations and the oversight in order to position itself in the payments value chain as a regulator and overseer, as well as a facilitator and catalyst of change. Their [The World Bank] recommendations also covered the role of the National Payments Council as only an advisory and consultative body; while the operations and developments of the payment systems to be migrated to an autonomous entity that consisted of the CBJ and banks while allowing for future non-banks membership and shareholding when the CBJ decides to divest its share and exit the market. The main objectives of the company are to establish and develop digital retail and micro payments, as well as the investment in the innovative technology and digital financial services.