NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, March 31, 2017

KINGSTON, Jamaica —The Government has crafted a National Financial Inclusion Strategy (NFIS), which aims to improve the country’s financial system by 2020.

The goal of the NFIS is to create the conditions in which Jamaicans, particularly those who were previously underserved by the domestic financial system, are able to save safely and build up resilience against financial shocks, and firms are able to invest, grow and generate greater levels of wealth.

Speaking at the official launch at the Jamaica Conference Centre, today, Minister of Finance and the Public Service, Audley Shaw, said the strategy forms part of policies being pursued by the Government to achieve sustainable economic growth and development.

“The National Financial Inclusion Strategy is the Government’s commitment to create the enabling environment that makes it easier for Jamaicans to save, invest, to do business and obtain relevant financial products and information to empower themselves. Financial inclusion is about prosperity and sustainable economic growth,” he said.

He said the strategy is the output of 16 ministries, departments and agencies (MDAs) in the public sector as well as members in the private sector and non-governmental organisations.

Shaw said there are 53 action items under the National Financial Inclusion Strategy, adding that for each action item, a ministry, department or agency of Government has been named as the primary entity charged with the responsibility of implementing it.