KINGSTON, Jamaica — The Jamaica Micro Financing Association (JaMFA) will host a webinar titled “The Microcredit Licence Application: Understanding Information Systems and the Data Protection Act (2020)” tomorrow, March 17, 2022 at 9:30am.

 The webinar is one of several activities being undertaken by JaMFA to assist member companies in being prepared to apply for a licence to operate as microlenders in Jamaica under the Microcredit Act (2021).

Regulated by the Bank of Jamaica (BOJ), the Microcredit Act (2021) became effective July 30, 2021, and requires current operators and those who wish to enter the industry to apply to the BOJ by July 30, 2022, to continue or commence operation.

The application must also be completed in accordance with Section 10 of the Act and using the prescribed form. Failure to complete these licensing requirements, will prohibit micro credit institutions from operating legally. 

Andrew Mais, chairman of JaMFA, notes that the webinar is a strategically curated session that is aimed at providing guidance on how to manoeuvre the licensing process.

  “As an association, JaMFA has already commenced the hard work of putting together a programme to assist all members in their efforts to organise their business for registration and licensing under the Act. This is one of those powerful and dynamic sessions and we encourage all persons interested to take advantage of this session,” the chairman said.

 This three-hour webinar will focus on the Information Technology and data management requirements of the Act and will feature sessions led by Ryan Sterling, CEO of Vertis Technology Limited;  Samantha Moore, Attorney-at-law, Data Protection Consultant and Partner at Ramsay and Partners; and Alan Dodd, Founder and Director of OnPoint Solutions out of the Cayman Islands.

 At the end of the webinar it is expected that micro financing institutions will be in a better position to understand these aspects of the licencing requirements. To register for the webinar, interested individuals or institutions may send an email to jamfa@mail.com.                                                          

 Launched in 2009, JaMFA is the representative association of the micro finance sector, representing over 48 micro finance institutions. JaMFA tasks itself with promoting ideas that will influence the growth and development of the micro finance sector to contribute to Jamaica’s growth, development and prosperity.