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Empowering Jamaicans with the knowledge and tools to navigate their finances and achieve their goals.
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National Financial Inclusion Study 2023 Final Report
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.
NFIS Annual Report 2017
The National Financial Inclusion Strategy
is the outcome of four years of work by the
Government of Jamaica, the public sector
and the private sector.
The NFIS is intended to complement Vision 2030
by articulating an ambitious suite of action
items centered around four key pillars which
will drive sustainable economic development
and growth. These pillars are Financial Access
and Usage, Financial Resilience, Financing
for Growth and Responsible Finance, all of
which are built on a foundation of supporting
infrastructure. The NFIS sees the Government of
Jamaica designing policies to ensure that the
enabling environment facilitates businesses
and inclusive participation in the financial
system.
Summary Review of NFIS Demand Side 2023 Survey
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. .
Filter by Tags
National Financial Inclusion Study 2023 Final Report
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.
NFIS Annual Report 2017
The National Financial Inclusion Strategy
is the outcome of four years of work by the
Government of Jamaica, the public sector
and the private sector.
The NFIS is intended to complement Vision 2030
by articulating an ambitious suite of action
items centered around four key pillars which
will drive sustainable economic development
and growth. These pillars are Financial Access
and Usage, Financial Resilience, Financing
for Growth and Responsible Finance, all of
which are built on a foundation of supporting
infrastructure. The NFIS sees the Government of
Jamaica designing policies to ensure that the
enabling environment facilitates businesses
and inclusive participation in the financial
system.
Summary Review of NFIS Demand Side 2023 Survey
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. .
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