National Microfinance Bank (NMB)

Alwatani seeks to become a pioneering microfinance institution in Jordan and the Arab world that provides a wide array of financial services that benefit the underserved segments. It aims to provide financing to small-sized projects to eliminate poverty and unemployment by increasing the productivity of owners of startups. Through its services and support, the NMB aspires to enhance the living standards of owners of such projects and spread the culture of micro credit and entrepreneurship in the society.

The concept behind Alwatani (National Microfinance Bank)

Alwatani seeks to eliminate poverty and unemployment by increasing the productivity of owners of startups, especially women in order to improve their living standard through providing several sustainable financial services that meet their needs. The concept of Alwatani (National Microfinance Bank)stems from His Highness', Prince Talal bin Abdul-Aziz's initiative to establish banks for micro and small entrepreneurs throughout the Arab World. The King Abdullah II Fund for Development contributed to the establishment of the National Microfinance Bank (NMB) in cooperation with the Arab Gulf Development Programme (AGFUND) and private sector investors to serve the local Jordanian communities through providing financial and non-financial services to help local communities grow their businesses. Alwatani provides small loans and financial services in low-income sectors of society and helps its beneficiaries use those resources to save money, create new enterprises and escape from poverty. Alwatani was registered as a private shareholding company on 15th July, 2004.

Achievements

1. It is the first institution in the Middle East and North Africa to go paperless at all its branches after introducing tablet computers for its operations.
2. Launching "Link" programme to help elevate clients from the micro segments to the small and medium-sized projects segment.
3. Establishing branches across the country's governorate with total number of branches reaching 31.
4. In addition to its financial solutions, the bank provides insurance for its clients.
5. Clients with loans that are less than JD1,000, get insurance coverage in case of cancer diseases of up to JD25,000. Clients with loans that exceed JD1,000 get insurance coverage of up to JD35,000 annually including coverage of admission into hospital for any reasons.
6. To help mitigate the impact of the influx of Syrian refugees on host communities, the bank and in partnership with the UNDP, the Ministry of Municipal Affairs and the Ministry of Interior and with the support of the Swiss Agency for Development and Cooperation, provides logistic and technical support to projects affiliated to the Rapid Employment Project (3x6) in governorates of Irbid, Mafraq and Zarqa.
7. The national microfinance bank has provided about 573,982,182 loans for more than 686,318 clients, of which 55% female.