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December 07 , 2022

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JOINT ARAB INITIATIVE TO LAUNCH CROSS-BORDER PAYMENT SERVICE FOR PENSIONERS IN
THE ARAB WORLD VIA BUNA



Abu Dhabi, December 7, 2022: The Central Bank of Iraq, the Central Bank of
Jordan, the Central Bank of Egypt, and Buna, the cross-border payment system
operated by Arab Regional Payments Clearing and Settlement Organization
“ARPCSO”, owned by the Arab Monetary Fund, announced a joint Arab initiative to
launch cross-border payment service for pensioners in the Arab world utilizing
the Buna system.

The initial phase includes the Republic of Iraq, the Hashemite Kingdom of
Jordan, and the Arab Republic of Egypt, where the new service will enable Iraqi
pensioners residing in Jordan and Egypt to receive their monthly salaries faster
and more efficiently. Iraqi pensioners who wish to benefit from this service can
open accounts in any of the banks that participated in the initiative and
completed the onboarding in Buna. The pension payments will take place at the
end of each month in collaboration with the banks that are actively operating in
the markets of Iraq, Jordan, and Egypt and have completed the activation of the
Jordanian dinar and the Egyptian pound on the Buna system. Pensioners may follow
the news issued by the various banks to obtain more detailed information about
this service.

With more banks joining Buna and completing the activation of the Jordanian
dinar and the Egyptian pound, the initiative will be further expanded in the
future into other countries in coordination with Arab Central Banks to enhance
the experience for pensioners across the Arab region, and unlock new
opportunities for improving the efficiency of cross-border payments used in
various use cases such as scholarship payments and student allowances, patient
healthcare payments, embassies payments and other government use cases,
realizing the objectives of Buna to strengthen the Arab economic ties and boost
the intra-Arab payments and the usage of Arab currencies.

Commenting on this initiative, H.E Mustafa Ghaleb Mukheef, Governor of the
Central Bank of Iraq stated, "We are always keen to provide the best financial
services to our citizens and are therefore happy to launch this initiative to
offer distinguished financial services and solutions to Iraqi pensioners
residing in Jordan and Egypt, giving them the possibility to receive their
monthly pensions directly through their bank accounts in a fast manner,
transparently, and with cost efficiency. This initiative also comes as part of
our continuous efforts to employ fintech technology and provide the banking
sector with the best modern and safe solutions in the areas of payments and
financial inclusion.” H.E added, “On this occasion, we would like to thank their
Excellencies, the Governors of the Central Bank of Jordan, the Central Bank of
Egypt and the Chairman of the Board of Directors of Buna and all participating
banks from Iraq and the Arab world for their support to this initiative, which
would pave the way for activating more intra-Arab payment services in general
and governmental payments in particular, which in turn reinforces the Arab
economic cooperation.”

H.E Dr. Adel Al-Sharkas, Governor of the Central Bank of Jordan, commented, "Our
support for this initiative is part of the Central Bank of Jordan’s continuous
efforts to encourage the use of Buna system for intra-Arab payments. This also
comes as a continuation of our support for the joint Arab initiatives aimed at
enhancing economic and social integration in the Arab region and being part of
the pivotal role played by the Central Bank of Jordan in providing safe and
efficient payment systems to achieve the digital transformation of payments
locally and regionally.”

Commenting on this initiative, H.E. Mr. Hassan Abdalla Governor of the Central
Bank of Egypt said, “Strengthening the economic cooperation with Arab countries
is a priority for the Central Bank of Egypt, this new initiative represents a
pioneering step in that direction by providing Arab modern payment solutions
that comply with international standards and principles, and with the quality
and efficiency of financial services in the Arab region”.

On this occasion, H.E Dr. Abdulrahman Bin Abdullah Al Hamidy, Chairman of the
Board of The Arab Regional Payments Clearing and Settlement Organization
(ARPCSO), spoke, “Financial inclusion is one of the strategic goals of Buna, and
we are pleased to contribute in enhancing the experience of a large segment of
Arab citizens, strengthening the Arab economic ties, and providing more
efficient experiences for cross-border payments, thus enabling the Arab banking
sector to better serve their customers in various areas of governmental,
commercial and personal payments, in compliance with the highest international
standards. H.E added, "On this occasion, we also thank their Excellencies the
Governors of the Central Bank of Iraq, the Central Bank of Jordan, and the
Central Bank of Egypt for their confidence in Buna to implement this important
initiative, and for their continuous support and sponsorship of the system, and
for the efforts of their colleagues in supporting the progress of its work.”

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   Program (ATFP)

Arab Regional Payments Clearing and Settlement Organization (“ARPCSO”).
AMF Building, Corniche Street, Abu Dhabi, United Arab Emirates.

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