Bank of Jamaica is pleased to announce that five institutions have been licensed under the Microcredit Act, 2021. We offer our congratulations to:
- Access Financial Services Limited
- Trublu Financial Services Limited
- Kingston Finance Limited
- Nykhana Investment Company Limited and
- Kris An Charles Investments Company Limited
These organisations are the first of more than 100 applicants to have achieved this milestone.
The Microcredit Act, passed in January last year, is aimed at licensing and regulating microcredit institutions (MCIs) that provide financing to individuals, micro, small and medium sized enterprises. Under the Act, Bank of Jamaica is charged with general administration, as well as the supervision of microcredit institutions. The Consumer Affairs Commission is named as the body with responsibility for making and issuing a code of conduct for licensees on consumer related matters and the investigation of complaints brought to it by a consumer of a microcredit service.
The aims of the Act are:
- To minimize the likelihood of the sector being used as a conduit for money laundering and the financing of terrorism;
- To facilitate the development of the sector; and
- To support consumer protection for individuals and businesses who borrow from MCIs.
These new licensees will have an obligation to strengthen their internal control environments to become resilient to money laundering, terrorism financing and related risks, and make the required reporting to the appropriate authorities where they become aware of illicit activities. It is also expected that, with time, licensees will benefit from the advantages that accrue as a consequence of the formalization of their business operations.
The Bank looks forward to the approval of additional applicants as it recognizes the significant role played by the microcredit sector in reaching an underserved segment of the population and facilitating Jamaica in achieving its economic goals.
Representatives of the first microcredit institutions to be licensed under the Microcredit Act met with representatives of Bank of Jamaica (BOJ) at BOJ yesterday morning for a brief ceremony to receive their licences to operate as microcredit institutions.
From left to right are: Major Keron Burrell (Chief Prudential Officer), Miss Janice Smith (Head, Microcredit Regulation), Mr. Trevor Hutchinson (Chief Executive Officer, Kris An Charles Investments Co. Ltd.), Dr. Jide Lewis (Deputy Governor, Financial Institutions Supervisory Division), Mrs. Latoya Powell (Managing Director, Nykhana Investment Co. Ltd.), Governor Richard Byles, Mrs. Carla Stephens-Mullings (Legal and Corporate Affairs Manager, Access Financial Services Ltd.), Mr. Alexander Johnson (Managing Director, Kingston Finance Ltd.), Miss Jacqueline Shaw (Special Projects Manager, Microcredit Regulation) and Mr. Julan Johnson (Managing Director, Trublu Financial Services Ltd.).
