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JN’s UK bank to address financial inclusion and de-risking issues for Diaspora

JN’s UK bank to address financial inclusion and de-risking issues for Diaspora

The Jamaica National (JN) Group, following the launch of its latest subsidiary company— JN Bank in the United Kingdom (UK), has cited financial inclusion as well as the pursuance of correspondent banking services for Caribbean banks as being atop the list of issues to be addressed for people of the Diaspora.

Chief executive officer (CEO) of the JN Group, Earl Jarrett, in referring to a 2017 UK financial report, said that there were some 1.23 million people in Britain who were underserved or not served by banks.

“Financial inclusion is not just a Caribbean problem. In the UK, there is a working paper on how they are going to improve on financial inclusion. It is estimated that four to five per cent of the working population does not have access to banking services and those are primarily persons who have small businesses; persons who don’t feel welcomed in the mainstream banking environment,” he stated.

The JN UK bank, which was launched on October 8 after some two years in the making, represented an historical move for the company which saw them becoming the first Caribbean-owned bank to be established in the UK. This, after UK regulators had granted a full banking licence to the bank last year.

“It is our hope that through the JN Bank, we will be able to provide banking services to those individuals, whatever their racial background or wherever they are from, so they too can achieve their personal objectives,” Jarrett also said while speaking at the virtual launch event on Thursday last.

 

DIGITAL OPERATIONS

Jarrett also disclosed that the operations of bank will be mainly digital, with a physical branch to be located in Brixton, south London which can be used for community activities after banking hours.

“Digitalisation is a true enabler of inclusion.

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JN Bank UK to address financial inclusion, de-risking

JN Bank UK to address financial inclusion, de-risking

KINGSTON, Jamaica — Earl Jarrett, chief executive officer of The Jamaica National Group, said its newest subsidiary company, JN Bank in the United Kingdom (UK), will seek to address financial inclusion for several unbanked or under-banked people in the UK, as well as pursue correspondent banking services for Caribbean banks in the future.

The bank is the first Caribbean-owned bank to be established in the UK.

Quoting the UK Financial Inclusion Report of 2017, Jarrett said there were some 1.23 million people in Britain who are underserved or not served by banks.

“Financial inclusion is not just a Caribbean problem. In the UK, there is a working paper on how they are going to improve on financial inclusion. It is estimated that four to five per cent of the working population does not have access to banking services and those are primarily persons who have small businesses; persons who don’t feel welcomed in the mainstream banking environment,” he pointed out.

“It is our hope that through the JN Bank, we will be able to provide banking services to those individuals, whatever their racial background or wherever they are from, so they too can achieve their personal objectives,” he said.

Jarrett was speaking at a virtual event to officially launch JN Bank in the UK on October 8. The launch follows the granting of a full banking licence by UK regulators to JN Bank last year.

The JN Group CEO informed that the bank will be digital with a physical branch in Brixton, South London that can be used for community activities after banking hours.

“Digitalisation is a true enabler of inclusion. It enables everybody to participate. It is not directly subjective. In fact, it does not look at you and make a decision on how you physically look but based

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