Jamaica News: The Bank of Jamaica (BOJ) is facilitating access to financial services for underserved consumers through the promotion and use of digital payments.
Deputy Governor, Livingston Morrison, said that the move is in keeping with the Government’s thrust towards making Jamaica a digital economy, and is also part of the National Financial Inclusion Strategy.
He was speaking at the opening of Jamaica’s first Electronic Retail Payments conference at the bank’s downtown Kingston offices on June 27.
The two-day conference, under the theme ‘A call to action: Driving financial inclusion with digital payments,’ serves to outline the benefits of Jamaicans participating in the digital economy being created.
Mr. Morrison said that the bank is concerned that a significant portion of Jamaicans are either financially underserved or unserved and they continue to experience challenges in obtaining affordable access to financial products and services.
He noted that digital payment solutions have the potential to create a point of access for persons who have been excluded from the financial system, while reducing transaction costs associated with traditional payment services as well as security risks associated with the use of cash.
Mr. Morrison said that the BOJ has developed a regulatory framework for the introduction of electronic retail payments and has, to date, authorised four entities to provide such facilities, enabling individuals to make payments for goods and services or to transfer money.
The Deputy Governor informed that the bank is now in the process of updating the guidelines, which were implemented in 2013.
Mr. Morrison informed that a “working group” is guiding the efforts of the bank by overseeing development and implementation of an access policy, promoting the use of commitment savings and design of a national retail payment strategy, among other things.
The National Financial Inclusion Strategy, launched in March 2017, aims to create the enabling environment for Jamaicans to save, invest, and to do business and obtain relevant financial products and information to empower themselves and contribute to economic growth and development.
The strategy will better enable the underbanked to undertake and grow business activities, save safely in the financial sector, manage risks and build financial security.
Source: JIS News