Finalist
Financial Inclusion Challenge

Dinarak Mobile Payment Service Provider

Team Leader
Hadeel Marzouq Tbeishat
Solution Overview & Team Lead Details
Our Organization
Dinarak
What is the name of your solution?
Dinarak Mobile Payment Service Provider
Provide a one-line summary of your solution.
Dinarak is an impact-driven and customer-centric mobile payment service provider licensed by Central Bank of Jordan. Dinarak serves more than 400,000 customers, businesses, and government agencies with a comprehensive suite of innovative and inclusive digital financial services.
What specific problem are you solving?

Financial Inclusion rate among Jordanians and Jordanian residents are relatively low while 95% of the Jordanian population own smart phones, and there is a considerable growth in internet users.

Limited access to basic financial services, to finance, and banks to unbanked and underbanked population in Jordan hindering their ability for an economic growth, especially the underserved segments including women, youth, refugees, migrant workers, MSMEs, rural areas and low-income Jordanians. Only 30% of Jordanians population are banked. The traditional financial ecosystems need a lot of money (high fees), time, Effort, Crowd, transportation fees, and cash overhead with their inconvenient & manual paperwork, and long & complex processes. This creates unnecessary hurdles for individuals to manage their money effectively.

What is your solution?

In everything we do we believe in challenging the status quo and thinking differently.

That is why Dinarak's core value proposition is to save people time, effort, and money by giving the target group the power to make digital financial transactions on their mobile phone in a convenient, lower fees, affordable, responsible, useful, sustainable, and secure manner with a focus on underserved segments including women, youth, refugees, migrant workers, MSMEs and rural and low-income Jordanians. impact is at the core of what we do. And that is the way we are challenging the status quo is by building digital financial products and services with Inclusivity and sustainability balance.  

Dinarak Utilizes technology to develop impact-driven and customer centric solutions covering customers, agents, merchants, business, and government needs.

Our network of mobile money agents (over 1450 locations) is spread all over the country making our services accessible to all especially the rural areas away from formal banking branches. Our agents are key in engaging and educating customers about our services and its importance thus bringing them into the formal financial system.

None of the existing solutions in the market have the reach, liquidity, and efficiency of our agent network.  None of the existing solutions in the market offer comprehensive, low fees and easy to use services to end users. We have also pioneered the bulk payment cash management system that is currently being used by private businesses, humanitarian agencies and NGOs, non-profits, and Government agencies to perform bulk digital payments into end-users’ mobile wallets. All our services are available via APIs for third party integration. We are currently integrated with hundreds of merchants and businesses (3000+ businesses) to facilitate payment disbursement, collection, and acceptance.

Who does your solution serve, and in what ways will the solution impact their lives?

B2C: Youth and university students, Women, Refugees, MSMEs, rural residents, entrepreneurs, unbanked and under-banked, travelers (Dinarak visa cards).

Mobile wallet for individuals (P2P, P2B, P2G, Bill Payment, Merchant Payment, Dinarak Visa Card, International Remittances, Saving, Digital Marketplace).

B2B: Payment Acceptance/Acquiring at Merchants (Online and Offline), petty cash management, salary Disbursements, international remittances for factories/workers.

B2G: Government Programs and Humanitarian/Development agencies for bulk Government Subsidies disbursements.

We have demonstrated a strong product market fit while achieving lasting impact by balancing inclusivity with sustainability as follows across all target groups: 

-Increasing financial inclusion and literacy, lower fees services, Specialization in fintech and financial inclusion (going beyond just opening wallets), Islamic rules compliant services (culture compliant), financial inclusion and DFS education, capacity building, and Hands-on training to thousands of customers thus Increasing Digital Financial Services (DFS) utilization, awareness, adoption, and engagement.

- Convenience, speed, customer centric, around-the-clock customer service.  - Offering incentives and loyalty programs across our services to increase adoption and engagement.

-Dinarak was the first provider that entered the refugee camps onboarding thousands of refugees (most of them are women), conducting intensive business/market analysis inside and outside camps (host communities) as there is no access to formal financial services at rural areas and camps. Conducting DFS awareness and financial inclusion literacy plus hands-on training to increase DFS utilization, awareness, and adoption, offering TOT training (choosing ambassadors). 

-Dinarak has the biggest agents’ network; active, and widely spread. 

-Dinarak has the largest merchants’ network offering incentives and loyalty programs to motivate DFS engagement for economic growth. 

-Working with NGOs and governments agencies to digitally disburse funds to target groups. 

-Dinarak's core target proposition is aligned with the United Nation Sustainable Development Goals and CBJ CBR regulations to reduce inequalities and reduce high admin fees.

-Access to financial services such as low-cost remittance services, convenient DFS, Bill payment, QR merchants’ payment, saving, opening wallets by merchants and women agents for an additional income, and send/receive money in a convenient, useful, responsible, secured, affordable and low-cost manner.

-An example of promoting the financial inclusion of women and refugees across Jordan, a first of its kind in the Arab World, the female agent network helps to spur the economic empowerment of women, including those with limited incomes residing in various governorates that remain underserved by the banking sector. The female agent network project was carried out in cooperation with the Arab Women's Enterprise Fund (AWEF), aims to address barriers to women’s economic inclusion in (MENA) region.

-Several partnerships with NGOs for women, youth and refugee’s empowerment was done in cooperation with GIZ, AVSI and IRC, performing digital fund/aid subsidies disbursement (provide aid and support digitally) and DFS awareness. 

-Promoting social inclusion, reduced Costs services, improved Data Collection, supporting Livelihoods.

-Promoting women, youth, and refugee’s empowerment via creating opportunities to access finance, reach new customers, get additional income, build their own businesses, more belonging to their communities, more economic growth, lifting them out of poverty, and being more independent.

How are you and your team well-positioned to deliver this solution?

-Expertise in Fintech: Dinarak team have fintech expertise, conducting awareness and hands-on training to customers, promote education and capacity building. Receiving several training courses on financial inclusion and fintech. Dinarak team possesses a deep understanding of the fintech industry, with years of collective experience in developing innovative financial solutions. This expertise allows you to navigate the complexities of the sector, anticipate market trends, and deliver a mobile wallet solution that meets the evolving needs of consumers.

-Technological Proficiency: Dinarak team is highly skilled in cutting-edge technologies relevant to mobile wallet development, such as in-house mobile app development, data security, encryption, payment processing, and user experience design. This technical proficiency enables us to build a robust and secure mobile wallet solution that provides a seamless and intuitive user experience.

-User-Centric Approach:  Dinarak team prioritizes a user-centric approach, conducting extensive user research, gathering feedback, and conducting usability testing throughout the development process. This results in a product that meets customers’ needs, preferences, and expectations.

- We have experience navigating the complex regulatory environment as we are partners with CBJ to ensure Dinarak adheres to industry standards, data protection laws, and privacy regulations. This expertise instills trust and confidence.

-Scalability and Infrastructure plus Strong Cross-Functional Collaboration: considering all aspects of the user journey and delivers a seamless end-to-end experience.

-Agile Development Methodology with flexible, adaptable, and continuously improved based on user feedback and emerging industry trends.

-Passion for Innovation: with a shared passion for innovation and pushing boundaries in the fintech space. This drives the success stories one after the other and the impact for a local community development to explore new technologies, experiment with novel ideas, and challenge the status quo ensures that your mobile wallet solution stands out from competitors and delivers a truly innovative and transformative user experience.

-Strong Industry Network, Market Understanding, and Customer Support and Satisfaction are our core strengths in Dinarak (24/7).

-Data Analytics and Insights and Agile Decision-Making methodologies that adopted at Dinarak.

Which dimension of the Challenge does your solution most closely address?
  • Make it easier and more affordable for individuals and MSMEs to make investments and transfer payments, across geographies and across different types of platforms
In what city, town, or region is your solution team headquartered?
Amman, Jordan
In what country is your solution team headquartered?
  • Jordan
What is your solution’s stage of development?
  • Growth: An organization with an established product, service, or business model that is rolled out in one or more communities
How many people does your solution currently serve?

400,000 customers, 3000+ businesses, merchant and government agencies and 1000+ agents.

Why are you applying to Solve?

-Access to Resources and Support: MIT Solve offers resources, including mentorship, guidance, and access to a global community of innovators, experts, and investors. Dinarak team is very interested with this valuable resources. As a Solver, we can tap into these resources to gain valuable insights, receive feedback on solutions, and access potential funding opportunities.

-Validation and Credibility: as a Solver by MIT Solve lends credibility to our work and solution. It signifies recognition from a prestigious institution like MIT, in addition to our customer that we value most, which enhance our reputation, build stakeholders trust, and open doors to collaborations and partnerships. 

-Networking Opportunities: MIT Solve provides networking opportunities, connecting us with like-minded innovators, industry leaders, and potential collaborators. Through events, workshops, and conferences, we can expand our professional network, forge strategic partnerships, and learn from peers who are addressing similar challenges and we have experiences this actually via looking into other solutions in this challenge.

-Visibility and Exposure: As a Solver, we benefit from increased visibility and exposure to a global audience. MIT Solve showcases Solver solutions through its online platform, events, and media partnerships, providing a platform to amplify our impact and attract attention from investors, philanthropists, and organizations seeking innovative solutions and this is exactly what we need in this phase to scale up our solution.

-Funding and Investment Opportunities to multiply our impact worldwide: MIT Solve offers potential funding opportunities through grants, prizes, and partnerships with impact-focused investors. thus gain access to a network of funders who are interested in supporting impactful solutions, increasing our chances of securing the necessary funding to scale up our solution and impact.

-Collaboration and Learning encourages collaboration among Solvers for the exchange of ideas and expertise, leading to innovative solutions that tackle complex challenges more effectively.

-Exposure to Global Challenges: MIT Solve focuses on addressing pressing global challenges across various domains, including education, health, sustainability, and economic prosperity. thus gain exposure to these critical challenges, broaden your perspective, and contribute to solving world's most significant problems.

-Recognition and Impact Measurement.

Despite Dinarak has an international awards and recognition as follows: 

-Dinarak is proud to be recognized by Forbes Middle East as one of the Top 30 Fintech Companies in the Middle East

-Second Place in Deloitte Technology Fast 50 in Middle East and Cyprus

-Awarded “MENA FinTech Startup of the year 2020” by Abu Dhabi Global Market

- VISA Inclusive Fintech 50    

-Awarded the FinX “Financial Inclusion Initiative of the Year” by Fintech Galaxy

-Awarded the “Financial Inclusion Initiative” of the year by Seamless Awards

-Awarded EQUALS in TECH 2019. 

Adding MIT solver, we can leverage Dinarak' s resources, expertise, and network to accelerate our innovation, gain credibility, attract funding, and collaborate with other like-minded individuals and organizations. It offers us a unique platform to scale our solutions, address global challenges, and make a meaningful impact on a larger scale.

In which of the following areas do you most need partners or support?
  • Financial (e.g. accounting practices, pitching to investors)
  • Monitoring & Evaluation (e.g. collecting/using data, measuring impact)
Who is the Team Lead for your solution?
Imad Aloyoun
More About Your Solution
Your Team
Your Business Model & Funding
Solution Team:
Hadeel Marzouq Tbeishat
Hadeel Marzouq Tbeishat
Head of Strategy, Business Development and Projects
Imad Aloyoun
Imad Aloyoun
Co-Founder and CEO