The launch means that over 250,000 Zain Cash customers in Jordan can now send up to JOD10,000 (USD14,000) from their mobile money wallets into bank accounts, as well as wallets and cards where available, to over 130 countries and territories. Receivers located in 100 of these countries can have their money transferred to them in real time. Customers can also transfer money to Western Union agent locations worldwide. Customers can fund their wallets from their bank accounts in Jordan, or through cash top-up at Zain’s vast network of outlets across the Kingdom.
“We are excited to partner with Zain Cash to offer customers an inclusive, omnichannel approach that enables them to transfer money globally,” said Jean Claude Farah, President, EMEA/APAC Region, Western Union. “We believe that not only do partnerships like this help connect the Middle East to the global financial system, but also drives financial inclusion – improving access for the millions of people who do not benefit from traditional banking services”.
According to the World Bank, Jordan was among the top remittance-receiving countries in the Middle East and North Africa in 2021. Remittances accounted for approximately 8% percent of the country’s GDP. Outbound remittances were around $575 million in 2019.
Farah added, “The extensive support and efforts of the Central Bank of Jordan has driven the evolution of mobile money at pace, allowing the country to leapfrog traditional barriers to development and accelerate economic growth. We are excited to be part of this success story through the digital partnership with Zain Cash and look forward to working closely with them to drive even greater financial inclusion in the country.”
In the coming months, Zain Cash mobile wallet users will also be able to receive money transfers from around the world.
“We are pleased to partner with Western Union, one of the leading companies in global remittance services,” said Sultan Kashoura, General Manager, Zain Cash Jordan. “This partnership firms up Zain Cash’s mission of providing digital financial services and leading the Fintech space in Jordan with its diversified services and solutions.”
Sultan Kashoura added, “Remittances are essential to the development of the economy, business and people, and through this collaboration with Western Union, we offer customers the reliability and convenience of seamless money transfers. Our collective focus will, of course, be to drive digital transformation and scale our future plans together to provide tailored digital financial services to the customers.”