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.
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.