34 Per Cent of Jamaican Adults Have No Bank Account
According to Chairman of the Financial Services Commission (FSC) Colin Bullock, a University of the West Indies study has found that 34 per cent of Jamaica’s adult population does not have a bank account.
Speaking at a Caribbean Group of Securities Regulations conference in St Ann Tuesday, Bullock said there is an unacceptably high ratio of adults in Jamaica without bank accounts and, by extension, access to financial institutions.
“Financial inclusion leads, almost inevitably, to poverty alleviation and is a major factor positively influencing the growth of micro, small and medium-sized Enterprises (MSMEs) and the creation of jobs, especially new jobs,” Bullock argued.
“With participation in financial services, both the poor as well as those engaged in MSMEs become more equipped to operate their businesses, acquire assets and manage risks. This is not a matter of something that is useful; this is an area critical to national development,” he added.
Source: Jamaica Observer