Dr. Blossom O'Meally-Nelson, President of the Jamaica Association for Micro-Financing (JAMFIN), says people are borrowing from micro credit institutions and then leaving the island without repaying their loans.
Her comments follow the exiting of the sector by MFS Capital Partners Limited and Lasco Financial Services because of unsustainable and prolonged losses.
MFS recently rebranded its microfinance subsidiary, Micro-Financing Solutions Limited, to Monolith Financial Services, after signalling a pivot towards foreign exchange trading, remittances, bill payments, and private credit.
That move follows Lasco Financial’s decision last year to de-risk its lending portfolio by reducing exposure to microfinance services.
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