Category: Financial Inclusion
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Jamaica Simplified Know-Your-Customer. So Why Does It Still Feel Hard?
In 2019, Jamaica introduced simplified customer due diligence (CDD) through amendments to its Proceeds of Crime Act, Anti-Money Laundering (POCA AML) regulations. Customer Due Diligence is the procedure that banks must use before opening bank accounts for their customers. The goal was clear: to reduce on-boarding barriers (when opening bank accounts) and expand access to…
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Inside the Bloody Ocean of Cashless Payments
There is a quiet assumption in finance today that the world is steadily moving toward a cashless future. Mobile wallets, digital currencies, and fintech apps are framed as inevitable winners in a linear transition away from physical cash. That assumption is wrong. The payments landscape is not a clean transition. It is a competitive battlefield…
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Why Isn’t JAM-DEX Taking Off?
Last week my attention was drawn to a news item concerning JAM-DEX, so I paid close attention to the details. In the article, Bank of Jamaica Governor Richard Byles blasts banks for not doing enough to drive adoption of JAM-DEX as a method for paying for goods and services across the Jamaican economy. The Jamaica…
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Why Loans Aren’t Instant — Yet
That PSOJ Masterclass I attended 2 weeks ago gave me a lot to think about. During a discussion about the mission of Tiddle LLC, we touched on loan turnaround time. Someone mentioned that because she was pre-approved with her bank, getting a loan took only 24 to 48 hours. Relatively speaking, that’s excellent. Yet it…
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What Supporting Documents Do You Need to Get a Loan?
When someone applies for a loan, banks don’t just take their word for it. They ask for supporting documents — simple proof that the borrower is who they say they are and can repay the money. Here’s why these documents matter and what they usually include. Proof of Identity Banks must confirm who you are…