Dr Dana Morris Dixon - file photo
.png)
00:00
00:00
00:00
Senator Dr. Dana Morris Dixon
By Javaughn Keyes
The government is planning to make the postal service an entity through which agency banking can be facilitated.
The Agency Banking Regulations, tabled in 2016, allow commercial banks and other authorised financial institutions to provide banking services through third-party agents.
These agents act as intermediaries on behalf of banks, making basic financial services more accessible, especially in underserved or rural areas where brick-and-mortar branches are not always available.
Dr. Dana Morris Dixon, Minister responsible for Digital Transformation, said recently that the 238 locations in the post office network would be a good fit for these services.
"The post office is very well placed to provide services for banks," she declared, highlighting that Jamaica's postal service is "all over the country," with "a ready customer base."
The Minister, who was speaking at the re-opening of the Liguanea post office, noted that postal services in various parts of the world have been able to make money by "figuring out how they sit in the financial services sphere, either by doing it directly through postal banks, or partnering with banks."
Through the Agency Banking Regulations, banks can partner with non-banking entities, such as retail stores, pharmacies, and other small businesses to serve as agents that provide limited banking services to customers.
These agents are authorized and regulated by the central bank to ensure that they operate within the law and meet specific security and service standards.
All feeds
