​This brochure serves as a financial literacy tool providing tips to Increasing access to financing for MSMEs

This paper analyzed the consumer demand side data to show the status of financial inclusion in Jamaica. A survey was conducted among a representative portion of the adult population in Jamaica. The demand side survey focused on ownership of bank accounts and the use of cash and digital payment methods. The study also explored possible barriers to financial inclusion. A survey of businesses was also conducted to provide supporting context for the analysis of the demand side survey. While cash is a preferred payment option to most consumers, the study finds that financial inclusion, as defined in the study was at 77.2%. This meant that in Jamaica, 22.8% of adults did not have an account at any formal financial institution in the year 2023. Individuals without a bank account were more likely to be from the lower socio-economic group and reside in rural areas. They tended to use cash for all their transactions. A key finding of the study is that increasing access to owning bank accounts to the population as a strategy on its own does not guarantee increasing NFI and/or increased NFI efficiencies. Strategies focused on improving awareness, perceptions, and attitudes of consumers towards banking products and services would be more likely to deliver higher rates of consumer engagement.

The specific objectives of the study were: 1. To provide data on the current knowledge, attitudes, and practices (KAP) of the general population as it relates to financial services including digital payment products. 2. To provide data on the current knowledge, attitudes, and practices (KAP) of Small and Micro Merchants as it relates to financial services including digital payment products. The overall purpose of the research was to measure financial access and usage of digital payment products (including electronic retail payment services) by the adult population in Jamaica. .