BOJ Rolling Out eKYC Platform to Simplify Banking

The Bank of Jamaica (BOJ) plans to introduce a national electronic Know Your Customer (eKYC) platform to streamline and standardise the account-opening process, expand financial inclusion, and reduce paperwork.

Minister of Finance and the Public Service, Hon. Fayval Williams, announced the measure as she opened the 2026/27 Budget Debate in the House of Representatives on Tuesday (March 10).

Mrs. Williams advised that the platform will come on stream in fiscal year 2026/27.

“The system will function as a secure, centralised digital gateway for identity verification and customer due diligence, enabling banks to onboard customers more efficiently through a single access point,” the Minister stated.

“The initiative is designed to fix existing Know Your Customer (KYC) processes that the BOJ says are manual, repetitive, costly and inefficient. This project has reached approximately 50 per cent completion, with vendor selection and implementation planning currently under way,” she added.

Mrs. Williams noted that the eKYC utility is part of Jamaica’s broader effort to modernise and digitise its financial infrastructure.

She further explained that a modernised and digitised financial infrastructure can significantly strengthen the money market by enhancing efficiency, transparency and liquidity, while reducing costs and risks.

“It is expected to enhance market accessibility, strengthen investor confidence and ultimately lower borrowing costs for Government, for businesses and customers,” Minister Williams said.