KINGSTON, Jamaica— The Jamaica Bankers Association says some deposit taking institutions (DTIs) will be providing reduced account-opening requirements for recipients of the Government’s COVID-19 Allocation of Resources for Employees (CARE) programme, who do not have a bank account.

The JBA said the reduced requirements will be consistent with the revised Proceeds of Crime Act (POCA) guidelines to open bank accounts.

President of the JBA, Jerome Smalling, explained that “customers will now be able to open a low-risk bank account using primarily their Tax Registration Number (TRN) and a single Government-issued form of identification (Voter’s ID card, driver’s licence, or passport), which should ease the challenges currently being faced by some Jamaicans in seeking to join the formal banking system.

“This will be particularly useful to Jamaicans who are beneficiaries of the CARE Programme and the PATH programme, and will aid in ensuring a smoother and more efficient disbursement process for all stakeholders in the future.”

In a statement the JBA said as part of the Government’s national financial inclusion strategy, banks have been pursuing various strategies to bring more unbanked Jamaicans into the formal financial services sector, from the opening of bank accounts, to providing payment products such as prepaid cards and mobile wallets.

The JBA said the goal is to make it easier for citizens to save, receive and make payments, and access services from both the private and public sectors.