Jamaican Prime Minister Andrew Holness has warned Jamaica’s commercial banks against imposing increased banking fees and reducing services in rural areas, stating that these actions will hurt long-time customers and individuals struggling because of the pandemic.
Jamaica’s Commercial banks have faced backlash in recent days on news of an increase and or introduction of fees.
Holness said the potential for economic growth may not be realised if the decisions of private sector bosses do not consider the country’s social context.
The Jamaican prime minister also noted that the digital transformation of the financial sector meant that some persons, who did not adapt quickly, were being left behind.
He said the digital provisioning of services in the banking sector is causing a serious fallout, particularly in rural communities, there needs to be a greater engagement of the banking sector with its traditional customers.
