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  • Governor of the Bank of Jamaica (BOJ) Brian Wynter says a way should be found to facilitate the seamless transition of businesses operating informally to the formal economy.
  • Mr. Wynter, who was responding to questions at the BOJ’s quarterly press briefing at the Hilton Rose Hall Hotel in Montego Bay on Friday (May 19), said it was in the country’s best interest if more businesses are regularized and taxes can be collected.
  • “It is important that we find ways to bring people into the formal sector and where we will definitely know who is doing what. A very good way to start, is to try to make it easier for them to do business,” Mr. Wynter said.

Governor of the Bank of Jamaica (BOJ) Brian Wynter says a way should be found to facilitate the seamless transition of businesses operating informally to the formal economy.

Mr. Wynter, who was responding to questions at the BOJ’s quarterly press briefing at the Hilton Rose Hall Hotel in Montego Bay on Friday (May 19), said it was in the country’s best interest if more businesses are regularized and taxes can be collected.

“It is important that we find ways to bring people into the formal sector and where we will definitely know who is doing what. A very good way to start, is to try to make it easier for them to do business,” Mr. Wynter said.

The BOJ Governor added that it was important that persons understand the benefits that come along in being regularized, noting that it is a major plus for sustainable economic growth.

Meanwhile, Mr. Wynter noted that the BOJ has been on a drive to promote a Financial Inclusion Strategy which enables the “under banked” 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,” he said, while noting that it will contribute to Jamaica’s transformation from a middle income country, to one which affords its citizens high standards of living.

However, the BOJ Governor stated that while much has been done over the last few years to make Jamaica more financially inclusive, many challenges remain.

“Reliance on cash remains high, while the usage of accounts and electronic transaction instruments are low. This is in part due to their perceived high cost and inconvenience,” Mr. Wynter stated.

He added that findings have shown that a large section of the population believe that the financial system will not serve their needs.

“A national financial inclusion strategy can serve as a powerful tool to coordinate, deepen and accelerate national efforts to reach higher levels of financial inclusion,” he further pointed out.

Cabinet approved the National Financial Inclusion Strategy in May 2016. For further information, persons can contact the technical secretariat at:  financialinclusion@boj.org.jm or at 932-4145.