Gov’t Making Banking Services more Accessible

Finance and the Public Service Minister, Hon. Audley Shaw, says the Government is making banking services more accessible to Jamaicans.

This is through approval of the Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations in the House of Representatives last year, which allows third-party locations to offer services such as withdrawals, payment of bills and loans, and electronic transfers of funds.

“During 2017, it is expected that these provisions will allow the widening of banking access channels beyond existing deposit-taking institutions’ branch networks and electronic channels,” Mr. Shaw said.

He was speaking during the opening of the 2017/2018 Budget Debate in the House of Representatives on March 9.

Mr. Shaw also noted in his presentation that as part of the National Financial Inclusion Strategy, the Bank of Jamaica, last year, authorised four electronic retail payment service providers or mobile money solutions.

This includes bill payments, mobile phone top-up, person-to-person money transfers and remittances.

Mr. Shaw is anticipating that over the next year, the utilisation of mobile wallets and other retail payment instruments will expand to facilitate the settlement of transactions such as payments in restaurants, supermarkets and transportation fares.

“We also expect that mobile wallets will be used for loading and transfer of government payments such as Programme for Advancement Through Health and Education (PATH) and pension payments,” he said.