MEII’s Jordan Project Promoting Financial Literacy Recognized by USAID

To support micro and small enterprises (MSEs) to achieve better operational performance that would enhance their ability to grow, transform and become more resilient, USAID Informal Livelihoods Advancement Activity (Iqlaa) extended financial management support services to 45 MSEs in Jordan. The services were provided by the Middle East Investment Initiative (MEII), one of Iqlaa’s IPs. In line with the scope of Iqlaa, MEII launched the financial literacy program ‘Tamweeli Assist’, which aims to support MSEs improve their financial and digital management skills through tailored financial literacy and training activities. The program also provides financial bookkeeping software systems mostly financed by Iqlaa. Software installations are followed by one-on-one training sessions on the adoption and utilization of the system to help MSEs better manage their finances in a timely and cost-effective manner. 
The 45 MSEs are from the services sector, located in various governorates in Jordan including the capital Amman, Aqaba, Balqa, As-Salt and Fuheis, and 11 percent are women-led businesses. Since establishing their businesses, the selected MSEs have been struggling to record daily transactions on small notebooks or simple excel sheets. External accountants were hired to go through the financial records every one or two months to assist with tax records. While such processes have repeatedly proven to lack time efficiency, they also presented a high risk of inaccuracy. With their entrepreneurial drive and eagerness to grow and improve, they signed up at Iqlaa and received the financial management support services through Tamweeli Assist by MEII. After the trainings and software installations at their offices, they are now smoothly managing their revenues and expenses, able to issue official invoices through the system, well informed of any due payments, and most importantly, gaining credibility in the market. 
MSEs that have the acumen and tools to manage their finances are more resilient to future challenges, better equipped to plan and project growth, and more prone to achieving sustainability and scalability.

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