More Jamaicans are being included in the formal financial system.
That’s the word from Chairman of the Financial Inclusion Council and Governor of the Bank of Jamaica, Brian Wynter.
The update comes a little over a year after Jamaica’s Financial Inclusion Strategy was implemented.
Governor Wynter says five indicators under the strategy have shown improvement.
The financial inclusion strategy aims to create the conditions in which Jamaicans, who were previously underserved by the formal financial system, are able to save safely.
The strategy was launched in March of last year as part of the government’s attempt to stimulate economic growth.
However, Governor Wynter says information on private sector credit to Micro Small and Medium Enterprises, MSME’s, which is a key indicator, is missing.
He says the BOJ is working to address this deficiency.
However, despite mixed results, Governor Wynter says a lot has been accomplished in the last year.