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In recognition of the need to facilitate increased commercial activity at this time of the year, the Jamaica Bankers Association is pleased to advise of the following measures being taken by its member banks to make it easier to conduct transactions during this holiday season:
- Increased ABM availability – Our member banks remain committed to maximizing ABM uptime via continuous monitoring and timely replenishment. Customers are encouraged to remain vigilant in following established safety protocols, including being aware of their surroundings and safeguarding their PINs.
- Extended Branch Hours – Where possible, member banks will extend their branch opening hours. Customers are invited to monitor their respective banks’ social media channels, websites, and other media, as well as their local branches, for further details.
- Strengthened Point of Sale Networks – Customers are encouraged to use their debit and credit cards where possible. This will assist in minimizing the need for cash, noting that member banks have also taken steps to increase the resilience of their respective networks.
- Enhanced Mobile/Online Banking – Enjoy the convenience of banking on demand via your bank’s mobile or online banking platform, which can facilitate transactions ranging from bill payment to transfers to other banks.
The member banks of the JBA remain committed to supporting the Jamaican public with the most convenient means of conducting their transactions, and wish for everyone a safe and peaceful holiday season.
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The Jamaica Bankers Association (JBA) wishes to announce the resignation of Mr. Septimus "Bob" Blake as President of the Association, with effect Friday, September 29, 2023. Mr. Blake has been a dedicated and visionary leader during his tenure and his departure marks the end of a chapter filled with formidable contributions to the development of the Jamaican banking sector.
Under Mr. Blake's leadership, the JBA made significant strides in its advocacy for the interests of its member organisations and other stakeholders within the industry. His fostering of the ideals of transparency, collaboration, and innovation within the field of banking was instrumental in advancing the strategic goals and objectives of the Association.
The JBA extends its gratitude to Mr. Blake for his unwavering resolve and tireless efforts to advance the principles of financial inclusion and stakeholder engagement across the financial services landscape. His passion for promoting responsible banking practices and driving national development has left an indelible mark on us all.
As we bid farewell, we extend our best wishes for his continued success in his future endeavours.
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Kingston, Jamaica – 31 May 2023 - The Jamaica Bankers' Association (JBA) has indicated that they are actively collaborating with the Bank of Jamaica (BOJ) to ensure a smooth transition for the upcoming introduction and circulation of the recently redesigned polymer banknotes, for mid-June.
“The decision to update our currency with these advanced, security-enhanced polymer notes is an important move towards modernising our monetary system,” said the President of the Bankers’ Association, Septimus ‘Bob’ Blake. “Polymer notes are more durable, reducing reprinting costs and saving valuable resources. They have advanced security features, such as embedded threads and holographic elements, making counterfeiting more challenging and ensuring currency integrity. The JBA is committed to supporting the BOJ to ensure a smooth transition and successful implementation,” he added.
Implementation of ABM and Banking Infrastructure Upgrades
With the introduction of new polymer notes, adjustments to Automated Banking Machines (ABMs) and other physical banking infrastructure are already underway. The JBA President also confirmed that retrofitting ABMs to accommodate the distribution of new notes is a standard procedure, which has been successfully executed in previous instances. “All banking entities have been actively involved in the process to get the 800+ ABMs islandwide ready for this transition. We are united in our efforts and collectively working towards completing the upgrades,” concluded Mr. Blake.
Customers should look out for advisories from their respective banks regarding the completion of upgrades to their ABM fleets, and when the new notes will be available from their machines. Additionally, each entity will advise customers when they are ready to facilitate dispensation of the new polymer banknotes and accept them for lodgements.
Phased Introduction of New Banknotes
Mr. Blake also emphasised that the circulation of the new polymer notes will take place on a phased basis. This will ensure a seamless transition from the old notes to the new ones. In the interim, both the current notes and the new polymer notes will coexist and remain legal tender. Therefore, no individual or business will be disadvantaged if they are unable to access the new notes immediately.
The JBA is dedicated to maintaining clear and open communication during this transition and will continue to provide updates to the public as the rollout progresses.
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Kingston, Jamaica - 25 January 2023 - On January 23, 2023, The Minister of Finance and the Public Service, the Honourable Dr Nigel Clarke announced the adoption of a “Twin Peaks Model” to reform financial sector regulation in Jamaica.
The mission of the Jamaica Bankers Association (JBA) is to ensure the strength and continuing success of our member organisations by promoting a safe, vibrant and competitive banking sector through an effective programme of advocacy and education that will also enhance the economic well-being of consumers within the banking community. A strong and viable financial system is an important enabler of economic growth and well-being for all Jamaican citizens.
Within this context, we endorse the proposed changes in principle.
The efforts aimed at consolidation of the prudential supervision and regulation of deposit taking and non-deposit taking institutions, offer the potential for improved technical, resource and cost efficiencies, enhanced supervision and management of systemic risk, and standardisation of KYC and other requirements, which can positively benefit customers.
The establishment of a regulator for consumer protection and market conduct creates a pathway for enhanced transparency, empowerment of consumers and the rebuilding of trust and confidence in the sector.
These actions are consistent with world-class practices and the recommendations from the International Monetary Fund (IMF), which were already in progress.
We also welcome the commitment to transparency and accountability in the form of prosecuting perpetrators to the full extent of the law and strengthening the sanctions for white collar crime.
Combined, these efforts will enhance the strong and well-capitalised financial sector that exists today with important guardrails for maintaining integrity, improving efficiency and effectiveness, and restoring confidence among local and international customers and investors going forward.