Access Financial launches road tour to empower customer base
WILLIAMS...it's important for us to connect with our customers and to ensure they understand the changes

IN keeping with the provisions of its licence to operate as a microcredit institution, Access Financial Services (AFS) has launched a road tour to update its customers on the new regulations.

On July 29 Access became the first player in the microfinance sector to receive a licence from the Bank of Jamaica. Under the Microcredit Act (MCA) 2021 and the new regulations, all lenders in the sector must commit to improved transparency for consumers.

"Good corporate governance and accountability are standard for Access. What we're doing now with this road tour is to ensure that our customers are aware of the changes that are effective under the new regulations and what it means for them," said AFS Chief Executive Officer Frederick Williams.

"Improved customer service and greater transparency are intended outcomes of this new dispensation; and while Access customers already expect that from us, we want our people to get a chance to ask questions and give us feedback," added Williams.

Starting Thursday, the AFS road tour will cover customers based in three parishes in central Jamaica through its Mandeville branch.

"It's important for us to connect with our customers and to ensure they understand the changes and feel heard in the process, as for us they are the heart and soul of this economy and the core of our business — and so we treat them as such," declared Williams.

Among other things, the new regulations under the MCA require lenders to provide greater details on the effective interest rates, fees , nd terms and conditions of the loan products to borrowers, and to support financial inclusion.

AFS provides personal and business loans to micro, small and medium enterprises, serving customers through a network of 17 branches across Jamaica.

With assets under management of just over $5.6 billion, AFS is one of the leading microcredit entities in the market. The company generated revenues of $1.97 billion and consolidated net profit after tax of $438 million for the fiscal year ended March 31, 2022.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy