More Jamaicans Encouraged to do Digital Banking

The Ministry of Finance and the Public Service calls for more Jamaicans to get into digital banking. The Ministry made its statement at the second staging of their virtual Wealth Summit on Wednesday, October 20 with a focus on Digital Financial Inclusion.

Minister of State in the Ministry of Finance and the Public Service, Marsha Smith, in her opening remarks, reiterated that the summit is to aid in the Ministry goal to improve the financial literacy of all Jamaicans.

“The change brought about by COVID-19 has forced Jamaicans to go digital to keep the economy going. Jamaicans now have to access many services online instead of in person. While many of us have transitioned successfully to doing business online, a lot of us are still struggling with the digital world,” she said.

Ms. Smith added that the World Bank describes digital inclusion as the deployment of cost-saving digital means to reach financially excluded and underserved populations with a range of formal financial services suited to their needs that are responsibly delivered at a cost affordable to customers and sustainable to providers.

Noting that along with helping Jamaicans find financial stability due to the impact of the onset of the COVID-19 pandemic, the summit aims to educate and clear up misconceptions that are associated with the digital economy and banking.

“There is no need to stay away from the digital economy. What we simply need are the tools and the information as to how to adapt to this economy to suit our own purposes. After all, it is the Government of Jamaica’s thrust to ensure that much of its own services become digital and so as one of the largest providers of services in the country, you will eventually need to become a digital participant in the economy in order to access government services,” the State Minister said.