Financial solutions coming for SMEs — JMMB


Financial solutions coming for SMEs — JMMB

Observer Business Reporter

Sunday, August 18, 2019

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Following the announcement of a 17 per cent increase in net profits, Jamaica Money Market Brokers (JMMB) is indicating that for the next financial year greater financial solutions is going to be forthcoming for Small and medium -sized enterprises (SMEs).

In the company's latest financial report to shareholders for the first quarter of the 2019/20 financial year, JMMB indicated that resources for this sector will be significantly strengthened.

Group chief executive officer (CEO) of JMMB, Keith Duncan, outlined that, for the next phase of the group's strategic period (2020/21), the focus will be on expanding market share of core businesses and tapping into new markets and market segments, where opportunities arise.

He further added that the JMMB Group is going to continue introducing innovative financial offerings across the markets in which it operates, thereby filling gaps identified in the financial sector.

“In keeping with this, JMMB Group has been building out its strategic focus, in the short to medium term, on the small and medium-sized enterprise sector, in order to drive growth, assist individuals to achieve their goals and support business expansion,” he said.

The main aim, according to the JMMB CEO, is to roll out financial solutions to this segment to complement its existing offerings.

“The group hopes to further add value to its SME clients through the provision of financial partnerships, business resources, innovative financial solutions, and a network throughout these businesses' life cycles; thereby providing the necessary support to help the sector to grow and fill the gaps that currently exist in the financial sector.”

Duncan further stated: “This SME group is said to provide approximately 80 per cent employment within the country, it is then only fair that every attempt be made in ensuring that impediments to the formation and sustainable growth of these businesses be adequately addressed and who best to do so than the persons who actually provide financing. The move by the JMMB Group is then only a reinforcement that the development of the SME sector can only continue to further grow the economy.”

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