The Development Bank of Jamaica (DBJ) and Caribbean MicroFinance Alliance have signed a memorandum of understanding to provide micro entrepreneurs with access to free financial education and training.

As per the agreement, micro entrepreneurs who are clients of the DBJ’s 10 approved microfinance institutions (MFI) will access training through a virtual platform managed by CMFA. So far, two MFIs — Bull Investments and WILCO Finance — have pledged their participation.

Commenting on the collaboration, DBJ Managing Director Milverton Reynolds said, “We, at the DBJ, are very pleased to be able to offer this service to our MFI partners who will, in turn, allow their clients to benefit from this much-needed financial training. This is one of the ways in which the DBJ is helping the sector grow, and it could not have happened at a better time, as we are encouraging entrepreneurs to take up the incredible offers in grants and low-interest loans that we are making available through the DBJ SERVE Programme to help them pivot, recover and grow from the devastating effects of the COVID-19 pandemic.”

According to a release from the DBJ, the training should result in improved business management practices and better saving habits, as well as prudent spending and borrowing. Training will cover areas including setting goals, assessing one’s finance, budgeting, accounting, loans and financial products.

The online course will feature videos and exercises that can be self-directed or delivered as a webinar, with facilitators monitoring participants’ progress and granting certification from the introductory level to more advanced modules. MFIs will gain access to the portal and user licence upon signing an agreement with CFMA and pay the required fees.

“This is an additional layer in the DBJ’s commitment to the micro enterprise sector as we provided similar training under the Financial Empowerment and Technological Awareness (FETA) Project in 2018, reaching close to 2,100 micro entrepreneurs in workshops, seminars, and a major conference at the Bank of Jamaica. I am urging all micro entrepreneurs to make use of this current training opportunity that will most certainly help them to scale up and thrive,” Reynolds stated

Approximately $1 million in grant funding from the European Investment Bank has been earmarked to provide training to 100 clients for each MFI.

Micro entrepreneurs who have an interest in the financial training programme should contact their MFIs directly for all details.