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:
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
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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Project contact person:
Mr. Paul Chin
General Manager, Microfinance Services Division
Development Bank of Jamaica Limited
11A – 15 Oxford Road
|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:
|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:
|****FETA Montego Bay Workshop Photographs**** FETA-Montego-Bay-1-1.pdf FETA-Montego-Bay-2.pdf FETA-Montego-Bay-3.pdf FETA-Montego-Bay-4.pdf FETA-Montego-Bay-5.pdf|