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Interledger Foundation Partners With JoPACC To Boost Financial Inclusion Efforts

Announced at the Interledger Summit on November 7, 2023, in San Jose, Costa Rica, Interledger took a significant stride toward achieving its goal of establishing an inclusive and globally interconnected payments network, catering to individuals and communities currently excluded from the digital economy. The Interledger Foundation has entered into a strategic partnership with Jordan Payments and Clearing Company (JoPACC) to bolster financial inclusion efforts in the Hashemite Kingdom of Jordan.

The collaboration aims to harness the capabilities of interoperability through the implementation of the Interledger Protocol (ILP) and Open Payments. Jordan, situated in West Asia and accommodating a population of over 11 million, faces notable financial inclusion challenges, especially among women, refugees, and immigrants. Presently, there is a substantial gender gap in bank account ownership and digital payment usage, with women significantly lagging behind men.

Maha Bahou, CEO of Jordan Payments and Clearing Company (JoPACC) speaks on the importance of financial inclusion and payments for women and children of Jordan

Maha Bahou, CEO of JoPACC, emphasized the significance of this partnership, citing her personal experiences and the struggles faced by millions in the country, particularly when it comes to cross-border payments and the associated complexities and costs. “This collaboration will positively impact at least one million people in my country, facilitating seamless payments and easing financial transactions,” Bahou remarked.

Briana Marbury, President and CEO of the Interledger Foundation, expressed her enthusiasm for the alliance, highlighting Jordan’s notable strides in embracing innovative payment technologies and the proactive stance of its banking sector in serving the entire populace. Marbury emphasized the Foundation’s dedication to fostering financial inclusivity, aligning with the United Nations Sustainable Development Goals (SDGs).

The Interledger Summit, held from November 5-8 in San Jose, Costa Rica, underscored the Foundation’s commitment to amplifying diverse voices and solutions within the technology ecosystem, particularly those from historically marginalized communities. Participants from 26 countries and various community-led organizations, including grantees of the Foundation, congregated to exchange groundbreaking products and services, all geared towards establishing equity and interoperability within a global ILP-powered payment network. The Summit served as a collaborative platform to discuss ideas, insights, and challenges within the realm of digital financial inclusion.

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