Our Resources

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

In 2017, the Government of Jamaica launched the National Financial Inclusion Strategy (NFIS). The overall aim of the NFIS is to seek to ensure greater inclusion of Jamaicans in the formal financial system through the implementation of different strategies including increasing the level of knowledge and understanding about the financial services sector. A survey carried out by the Financial Services Commission (FSC) in collaboration with the OECD/INFE highlighted a number of key challenges including literacy and cultural norms that could present barriers to inclusion in the financial sector among the youth population. It was therefore felt necessary to carry out a baseline study to measure the financial literacy among youths.

In 2021, Bank of Jamaica, in its role as lead coordinating agency for the implementation of the National Financial Inclusion Strategy (NFIS), revised its key initiatives under the NFIS to advance the use of banking services, digital payments and strengthen consumer confidence in the financial sector. Having improved access to financial services, the Bank has developed initiatives to improve its financial literacy communication through social media and traditional media. The Bank utilized all available media channels – radio, print and television – to communicate key messages on the Bank’s role as a regulator of financial service providers, savings, budgeting and simplified customer due diligence. The target beneficiaries of these financial literacy messages were the youth, young professionals and low- and middle-income persons, with particular emphasis being placed on reaching the unbanked population.

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.

​This brochure serves as a financial literacy tool providing tips to deepen and accelerate national efforts towards higher levels of financial inclusion.

Since the implementation of the National Financial Inclusion Strategy in March 2017, Bank of Jamaica has continued to coordinate the implementation of the strategy through specified project activities designed to drive increased access to financial services, participation in financial markets, increased application of private sector credit and developmental funding to allow for the productive sector to have an increased impact on the economic development of Jamaica. This work has been achieved through the leadership of the public and private sector with targeted interventions aimed at increasing the knowledge of households and firms about opportunities for financing and how to make sound financial decisions.

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. .

In 2022, Bank of Jamaica, in its role as lead coordinating entity for the implementation of the National Financial Inclusion Strategy (NFIS), focused on the targeted thematic areas for the successful implementation of the NFIS. These thematic areas sought to empower consumers through financial literacy initiatives and proposed legislation on financial consumer protection; while increasing access to bank accounts and digital payment solutions.

Throughout 2019, the Financial Inclusion Technical Secretariat continued to drive Bank of Jamaica’s financial inclusion projects, in collaboration with its financial inclusion partners. Below are the highlights of the achievements of Bank of Jamaica. A. Technical Assistance, Conferences and Workshops Bank of Jamaica, through the Financial Inclusion Technical Secretariat, in association with the Office of Technical Assistance staged a workshop on “Leveraging data to drive financial inclusion” on 31 January 2019. Participants included Bank of Jamaica, the Statistical Institute of Jamaica, the Development Bank of Jamaica and the Ministry of Industry, Commerce, Agriculture and Fisheries.