Ministry Committed to Educating Persons about Financial Inclusion

The Ministry of Finance and the Public Service remains committed to informing Jamaicans about the National Financial Inclusion Strategy (NFIS).

The strategy, which was developed in 2017, articulates the Government’s drive to create an enabling environment that makes it easier for Jamaicans to save, invest and do business.

The goal of the NFIS is to create the conditions under which Jamaicans, particularly those deemed underserved by the domestic financial system, can confidently save and build up resilience against financial shocks, with firms able to invest, grow and generate greater levels of wealth.

Corporate Communication and Public Relations Director, Shelly-Ann Weeks, told JIS News that the Ministry is focused on communicating information about its policies to the general populace.

“From a communication standpoint, the Ministry is very invested in ensuring that the language and the information that we disseminate to the public is easily digested by the end user. It is very important for us to be clear and to ensure that the things that benefit Jamaicans, they not only know about [them, but they have access to [them] and they can actually use [them] to improve their lives,” she indicated.

Financial inclusion enables the underbanked to better undertake and grow business activities, save safely in the financial sector, manage risks, and build financial security.

Ultimately, financial inclusion helps to promote economic growth and reduce poverty and income inequality.

Meanwhile, the Financial Services Commission (FSC) is being lauded on its initiatives that have been integral to informing Jamaicans about wise financial investments and monitoring activities in the market.

“We have the zeal from the FSC as they are doing a lot to ensure that the education is dealt with as well as the support is there to ensure that whenever Jamaicans are investing their money, it is protected, and they are getting the best out of their money,” Ms. Weeks added.

It is against this background that Senior Marketing Officer at the Jamaica Stock Exchange (JSE), Michael Johnson, believes that more informed decisions are being made by persons investing in the stock market.

“We have seen an improvement in the combined and junior markets this year, and this shows some level of maturity in the investors on the market,” he told JIS News.

Mr. Johnson pointed out that, previously, once the market started to decline, “investors packed up and ran”.

“It is encouraging to see that the Jamaica Stock Exchange’s push for financial literacy is working, as investors are not leaving but are repositioning themselves in the market. This is a welcome sign, and I am happy to see that investors are staying for the long haul,” he added.

Financial inclusion will contribute to Jamaica’s transformation from a middle-income country, to one which affords its citizens high standards of living.