KINGSTON, Jamaica – Earl Jarrett, General Manager of the Jamaica National Building Society (JNBS), said that the Society will be resubmitting an application for a commercial banking license as JNBS seeks to offer more competitive and convenient financial services to its members.
He noted that the Building Society made an application for such a license to the Bank of Jamaica about two years ago.
In response to questions raised by members at the Society’s 136th Annual General Meeting at the Jamaica Pegasus Hotel (Sept 22), Mr. Jarrett said a banking license would allow the Society to offer facilities, such as credit card services, to allow members easier access to funds, particularly when they are travelling overseas.
The Building Societies Act restricts entities such as JNBS from engaging in certain aspects of financial activities such as unsecured lending, which would include the issuance and offer of credit card services.
However, in response to questions raised from the floor, the JNBS General Manager said the Society is exploring how it can establish a network that would allow members to use their debit cards to withdraw funds from their accounts using Multi-Link automated teller machines (ATMs) when overseas.
Mr. Jarrett noted that the service has been explored by the Society before, but pointed out that the technology to put the infrastructure in place is expensive. However, he said Jamaica National would continue to explore other options for delivering such a service.
