NIDS Will Make Banking Easier – Dr. Dunn

Minister of State in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn, says the National Identification System (NIDS), when implemented, will make banking easier for citizens.

“We believe that NIDS offers to Jamaicans that level of comfort and ease to do transactions,” he said.

“Imagine you have a single national identification system that is acceptable everywhere. No longer will you require the plethora of identifications that you would normally [need, such as] the Justice of the Peace letter, the passport, the voter identification, the driver’s license, the tax registration number (TRN) [and so on],” the State Minister pointed out.

Dr. Dunn was addressing the annual general meeting of the Gateway Co-Operative Credit Union Limited, at the Noel Fraser Auditorium, West Jamaica Conference of Seventh Day Adventists, in St. James on Thursday (August 11).

Gateway Co-operative Credit Union, which was borne from a merger between the Hanover and Montego Credit Unions in 2017, boasts over 70,000 members and branches in St. James, Hanover and Trelawny.

Dr. Dunn commended the entity, noting that the world class financial services it provides “[are] equal only [to] the strong commitment of your leadership in enhancing the lives of all your members.”

He said the entity’s growth is encouraging, as the Government continues to strengthen national governance and the legislative framework to advance development in an inclusive and enabling business environment.

“Much will depend on the willingness of organisations, such as yours, as you seek new and innovative ways to support your membership, many of whom are engaged in businesses that offer strong capital injection for, not only the county [of Cornwall], but for Jamaica,” he pointed out.

Dr. Dunn also lauded Gateway’s leadership for being accommodating to its members throughout the COVID-19 pandemic, by offering loan moratoriums and continuing to offer loans to those affected.

President of Gateway, Rev. Glenroy Clarke, in his remarks, said the credit union has grown exponentially in its five years of existence, boasting a 64 per cent growth in assets, 76 per cent increase in savings, and 109 per cent growth in loans.

This has propelled the entity to becoming the sixth largest credit union in the island.

Longstanding members of the credit union were also awarded during the meeting.