Bank of Jamaica
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Deputy Governor of the Bank of Jamaica Dr Jide Lewis
The Bank of Jamaica, has addressed the concern that some micro credit institutions are operating without a BOJ license, with Deputy Governor Dr Jide Lewis explaining that those who've applied and are still being vetted are allowed to operate, but under strict conditions.
The Micro Credit Act was passed in July 2021, mandating that micro loan companies obtain a license to operate, and a one-year period was granted before enforcement should formally begin.
During Friday's BoJ press briefing, the Deputy Governor responded to questions about the large number of companies still operating without licenses.
He again warned companies that have not applied for a license to cease operating or be penalised.
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