FTC says bank account portability would be a win for customers

 

The Fair Trading Commission (FTC) says the bank account portability or the ability to move one's bank account seamlessly from one bank to another would lead to more competition and lower rates in the banking sector dominated by National Commercial Bank Jamaica (NCBJ) and Bank of Nova Scotia (BNS). 

 

BNS and NCBJ control almost 70% of bank deposits, loans and assets which amount to $2 trillion, $1.4 trillion and $2.8 trillion as at the end of September 2025. 

 

The FTC also says the ability to move accounts seamlessly from bank to bank involves many different components. These include moving deposits, data and credit around from one bank to another. 

 

The commission pointed out that these components have been implemented in countries such as Brazil, India, UK, the EU and Australia.