JAMAICANS will be able to more easily switch bank accounts and compare fees, starting in 2026, as the Bank of Jamaica pushes forward with plans to increase competition in the financial sector, according to recently released central bank documents.

The timeline was revealed in minutes from the Bank of Jamaica’s September Monetary Policy Committee meeting, which showed concrete steps being taken to address long-standing consumer complaints about banking services.

A new comparison website that will allow consumers to easily check banking fees, charges and interest rates across different financial institutions is scheduled for launch in March 2026, the minutes show. The platform has been approved for development, with focus group testing and marketing campaigns planned before its introduction, a move set to bring unprecedented transparency to banking costs.

Meanwhile, a system to simplify the process of switching bank accounts — known as the electronic Know Your Customer (eKYC) utility — is targeting a 2027 launch. This system would reduce the paperwork burden for customers opening new accounts by creating a centralised identity verification system.

The MPC minutes state the project “will contribute to enhancing banking competition by reducing barriers to entry and customer switching costs.” The eKYC project is currently approximately 50 per cent complete, with vendor selection and implementation planning underway. While noted as being “slightly behind schedule,” the project remains on track for a targeted launch in 2027.

The committee “welcomed the updates and endorsed the ongoing efforts to strengthen monetary policy transmission and foster greater competition in the banking sector”, according to the published minutes.

The moves represent some of the most significant steps taken in recent years to address consumer concerns about banking services in Jamaica, where customers have long complained about high fees and difficulty comparing offers between financial institutions.

The changes could potentially save consumers money by making it easier to find better deals and switch banks, ultimately forcing financial institutions to compete more aggressively on price and service quality.