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PM urges banks to consider the financial distress being faced by citizens, amid reports of increased banking fees

by January 26th, 2022

Following recent announcements that the country’s two major banking institutions have implemented new and higher fees, Prime Minister Andrew Holness says banks should consider the financial distress, already being faced by Jamaicans.

Mr. Holness, who was speaking at the Jamaica Stock Exchange’s Regional Conference last night (January 25), noted that although the country is recovering steadily from the impacts of Covid-19, the nation is still in a pandemic.

He stressed that Jamaica will benefit greatly, if the nation’s financial leaders play a part in protecting citizens.

The Prime Minister also said, there needs to be more engagement of the banking sector with senior citizens.

Meantime, Finance Minister, Dr. Nigel Clarke says it appears the Nation’s Commercial Banks are tone deaf when it comes to the setting of bank fees.

His comment follows reports that at least two of Jamaica’s banks have announced increases in service fees, which will take effect, this year.

The Opposition as well as the governing Labour Party, have called on the government to engage the banking sector urgently, in light of the announcements.

Speaking during the Jamaica Stock Exchange’s Regional Conference this morning (January 26), Dr. Clarke said the increased bank fees suggest that the banks have not taken the financial challenges of many Jamaicans into consideration.

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