MFISs critical to driving growth in Jamaica, says Minister Dunn

State Minister in the Ministry of Industry, Investment and Commerce, Hon. Dr. Norman Dunn, says Microfinance Institutions (MFIs) are critical to driving growth and development in Jamaica.

According to Minister Dunn, “a vibrant, responsive, safe and accessible micro-financing sector is key to putting the wherewithal into the hands of our people to enable them to lift themselves up from their social and economic circumstances and drive growth in the economy”.

“Our ever changing world requires and demands that we keep pace with global shifts and trends in all sectors. The intricacy of the relationships between MFIs, MSMEs and overall national growth dictates that we adapt and evolve if we are to remain competitive and grow,” Minister Dunn stated.

The Minister stressed the need for the sector to invest in technology in order to bring its own innovative financing solutions to market, such as mobile apps that will no doubt enable further growth in customer relations and foster strategic partnerships.

“Our local microfinance landscape has seen a revolution in recent years with several mobile money offerings targeted at an increasingly discerning and informed market. We have seen one of our major telecommunications providers partnering with a commercial bank to bring another mobile money product to the market. We have also heard the cry of the industry for intervention to help to bring about a change in the sentiments surrounding technologically driven options,” said Minister Dunn.

The Minister was speaking at the Installation Ceremony for incoming Chairman of the Board of Directors, Jamaica Micro Financing Association (JaMFA), at the Ministry of Industry, Investment and Commerce, St Lucia Avenue office on Thursday, December 10.

He noted that our ever changing world requires and demands that we keep pace with global shifts and trends in all sectors. Adding that the intricacy of the relationships between MFIs, MSMEs and overall national growth dictates that we adapt and evolve if we are to remain competitive and grow.
Mr. Dunn informed that the government has been evaluating the scope for collaborations in this regard, given the overall goal of financial inclusion which is premised on making our financial landscape more inclusive. He also impressed on MFIs to incorporate innovative solutions in their services and products that will drive accessibility and ease of doing business for their clients, partnering with government and private sector to foster inclusive growth and development.

“As government, we remain invested in our support for the sector through institutional strengthening, capacity building, legislation, policies and programmes, especially given the reach of our MFIs to service those individuals and entities that fall outside of the attractiveness that traditional financial institutions look for,” the Minister added.

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