Expected Development Impact

MARKET DEVELOPMENT

  • Strengthen local SMEs and value chains: JMMB is focused on offering financial products and services to better support SMEs in Jamaica. Supporting jobs and income‑generating activities through the funding of local SMEs is particularly valuable considering that Jamaica recorded a 5% decrease in employment since the beginning of the COVID‑19 pandemic. According to the World Bank, one of the main barriers for SMEs to access funding in the Latin America and Caribbean region (LAC) is the lack of bank strategies, processes and financial instruments tailored to their specific needs. After a thorough market study of the SME landscape in 2018, JMMB optimized its operating model to meet the needs of this segment.
  • Solutions to increase financial inclusion: JMMB supports informal SMEs (the informal sector represents an estimated 43% of Jamaica’s GDP) formalize their business by connecting them with strategic partners, which improves their chances of being eligible for a loan. Many of JMMB’s SME clients receive loans from a financial institution for the first time.
  • COVID‑19 relief: As many businesses experienced a notable change in income since the beginning of the pandemic, JMMB started offering relief packages, such as moratoriums on principal and interest to alleviate the financial burden brought on by COVID‑19. In an effort to reduce the need for in‑person

Women's Economic Empowerment

JMMB committed to channel at least 30% of FinDev Canada's loan to WSMEs.

WOMEN’S ECONOMIC EMPOWERMENT

  • Support women’s leadership: The Bank maintains a notable representation of women with 44% on the Board of Directors and 57% in the Leadership team. The Bank offers leadership training programs for women employees and created the WIN program (“Women Inspiration Network”) to encourage exchanges between women of different levels within the company.
  • Offering decent employment for women: As a signatory of the UN Women Empowerment Principles (“WEPs”), and with 67% of employees being women, JMMB is dedicated to empowering women in the workplace and providing equal opportunities to all employees. The Bank publishes gender‑neutral job postings and strives for equal pay for men and women.
  • Supporting women entrepreneurs: JMMB committed to channel at least 30% of FinDev Canada’s loan to WSMEs. The Bank has a program entitled Her Wealth that offers tailored financial and non‑financial services for women, such as capital support, education loans, home loans, and retirement plans as well as training and financial education resources.

CLIMATE MITIGATION AND ADAPTATION

  • Sustainable practices within operations: Given the sector of operation, JMMB has a low carbon footprint. Nonetheless, JMMB has an Environmental Strategy in place for its facilities and offers training for employees on sustainability practices.