Financial institutions urged to invest in business creation, not government paper

Minister of Finance and the Public Service, Audley Shaw, has appealed to financial institutions to play a greater role in facilitating entrepreneurial activity and productivity in Jamaica.

"It is time for a redefinition of your role as financial institutions in Jamaica. It cannot be just about how many government papers we can buy anymore. It has to be about how we can facilitate more entrepreneurial activity on the ground. How we can produce more, how we can create, things that need to be created either for the local or the export market," Shaw insisted.

cultural shift

He was speaking at the ceremonial opening of FirstCaribbean International Bank's Portmore branch on Sunday.

Shaw said there was need for a cultural shift in the country, back to the creation of profit by hard work, initiative and enterprise, and the financial institutions have a role to play in this.

"Financial institutions need to become part of this whole new mission of transformation, of creating welcoming lines for people who dare to risk, who have ideas, have taken the time to put together business plans," the minister stated.

He commended FirstCaribbean on opening its newest branch and for "spreading its wings". He also suggested that the branch offer its services on a Saturday, to accommodate residents who may not have the time to bank during the week.

The bank's managing director, Clovis Metcalfe, noted that the opening was the last of three branches commissioned under FirstCaribbean's Jamaica Expansion Strategy project, which began in 2006. The others opened were in Savanna-la-Mar, West-moreland in January 2007, and in Liguanea, Kingston, in June 2008. He said the Portmore branch will officially open for business on November 9.

Mayor of Portmore, Keith Hinds, also welcomed the new branch, noting that with the explosion in the growth of the population in Portmore, FirstCaribbean's presence was important. South St Catherine Member of Parliament, Fitz Jackson, whose constituency includes parts of Portmore, stressed the importance of the institution bringing new customers to the formal banking system, noting that by increasing its customer base, the bank's products would stimulate more entrepreneurship and drive commercial activity in the area.