Promoting Financial Inclusion in Jamaica

Financial Empowerment & Technological Awareness (Project FETA)

About the Project
The Development Bank of Jamaica (DBJ) in collaboration with the Inter-American Development Bank (IDB) has embarked on a project themed “Promoting Financial Inclusion in Jamaica (branded “Project FETA”). The project targets at least 2500 micro-entrepreneurs and small business owners island-wide to promote financial awareness amongst target group. The objective of the project to assist in creating financial stability for micro-entrepreneurs, specifically those unbanked and under banked, thereby contributing to the stability and independence of the individual and by extension the overall economic growth of the country.


There are 4 components of the project:


Component 1 – Facilitating Mobile Wallet Industry Development (Mobile Money & Electronic Payment Services)

Under component 1 a Mobile Money Conference will be held later this year (2018) which will be hosted by the DBJ that:

  1.  Seeks to create an environment for increased collaboration between industry participants;
  2. Provide an entry point for both small and large scale technology firms to demonstrate their product offerings and;
  3. Allow DBJ to further establish its position as an apex institution with the unique role and responsibility to assist industry growth and development

Component 2 – Financial Education and Awareness

Financial Workshops and seminars for micro-entrepreneurs will be held island-wide to deliver financial education training. Training will be facilitated by members from MIND. A total of 2,500 micro-entrepreneurs are expected to receive training by June 2018.


Component 3 – Agency Network Development and Scaling of the Pilot

DBJ intends to align operational plan for the agent networks with the Voucher for Technical Assistance (VTA) Programme to MSMEs through a web portal. The web portal will facilitate training for MSMEs with a view to increasing the number of microfinance transactions that occur.


Component 4 – Knowledge Management and Knowledge Dissemination

  •  UWI Consulting (LUMIN) has been contracted as the Research Assessment Consultant for the project and will present their findings in 2018. They have been engaged at the 4 financial education workshops thus far.
  • The project team consists of a Marketing & Communications Officer – Mrs. Crystal Morrant and Mr. Everton McFadden, Project Officer, along with the project having general oversight by the General Manager of the Micro Finance Services Division Mr. Paul Chin.
  • The next financial education and training event will be held on March 21 and March 28 in St. Catherine.


In an effort to meet the target of 2500, through a collaborative effort with key micro-finance institutions, government partners and other key stakeholders, by June 2018, Project FETA will have had achieved its target and completed its series of mandates governed by the respective project guidelines and agreements between Development Bank of Jamaica and the Inter-American Development Bank.


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Tel: 1876-499-0006


Project contact person:


Mr. Paul Chin

General Manager, Microfinance Services Division


Development Bank of Jamaica Limited

11A – 15 Oxford Road

Kingston 5


Project Objectives
The specific objective of the Project is to improve the financial knowledge of micro entrepreneurs, to improve the confidence level in the formal banking system for low-income people in Jamaica, increase trust in technology driven financial services such as mobile money and other Electronic Retail Payment Services and to support the GOJ’s 2015-2020 National Financial Inclusion Strategy (NIFS).


It is expected that the benefits to be derived from the Project include, but are not limited to:

  • Raising financial education and literacy levels of micro- entrepreneurs;
  • Raise the awareness of beneficiaries of the diverse range of products and services that can be accessed through the use of mobile money services;
  • Stimulate strong interest in ultimately broad-based technology-driven financial services amongst Micro Finance Institutions (MFIs) to improve their operational efficiency;
  • Provide microfinance institutions with on-going training in compliance and regulatory matters that are relevant to the highly anticipated Micro Credit Bill, Credit Information Act, the Secured Transactions framework and pending regulatory considerations regarding electronic retail payment services by the BOJ, all of which seek to establish and improve the regulatory framework for Microfinance institutions.
  • In recognition of the Project’s potential to, inter alia, greatly increase the convenience with which microfinance transactions occur, providing savings in terms of time and cost. It is also anticipated that both the financial education and literacy programme and the conference(s) on mobile money will contribute to a reduction in financial vulnerability of low-income people by allowing them to manage their money efficiently, and consequently reduce the need to hold and carry large cash amounts, which are at risk of theft;


Project Achievements
Project FETA – Financial Empowerment and Technological Awareness, to date, successfully executed five (5) workshops and two (2) seminars to 443 micro-entrepreneurs and small business owners.


As at February 2018, the events from the series were held at the following locations:


Workshop 1 June 28, 2017 Kingston
Workshop 2 July 25, 2017 Kingston
Workshop 3 November 15, 2017 Mandeville.
Workshop 4 November 21, 2017 Mandeville
Workshop 5 February 21, 2018 S. Thomas
Seminar 1      December 6, 2017 Kingston
Seminar 2 December 12, 2017 Kingston
 ****FETA Montego Bay Workshop Photographs****








****FETA Portmore Workshop Photographs****





****FETA Spanish Town Workshop Photographs****






****FETA Ocho Rios Workshop Photographs****








****FETA St. Ann’s Bay Workshop Photographs****