Microfinance institutions urged to employ modern technologies

Industry, Commerce, Agriculture and Fisheries Minster, Hon. Audley Shaw, is urging Microfinance institutions (MFIs) to employ the most modern technologies and best practices in order to better serve their customers.

He stressed that the sector must invest in technology in order to bring its own innovative financing solutions to market, such as mobile apps to 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 Shaw.

The Minister was speaking at the Annual National Microfinance Conference, hosted by the Jamaica Micro Financing Association (JaMFA) under the theme, ‘The Digital Reality: Redefining the way we do Microfinance’, held at the Knutsford Court Hotel, Kingston on December 12, 2018.

According to the Minister, “our ever changing world requires and demands that we keep pace with global shifts and trends in all sectors. He noted 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. Shaw further informed that the government will be evaluating the scope for collaboration in this regard, given the overall goal of financial inclusion which is premised on making the financial landscape more inclusive. He also impressed on MFIs the need 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.

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