Funding SMEs and women-led companies in Jamaica while strengthening E&S performance

The transaction also supports JMMB’s efforts to strengthen inclusion, sustainability, and environmental and social risk management across its lending portfolio. Together, these components align with FinDev Canada’s mandate to promote market development and advance gender equality.

JMMB Bank’s extensive network and track record on gender inclusion made it a logical partner for this transaction. The JMMB Group, founded in Jamaica in 1992, serves more than half a million clients across the Caribbean region with banking, investment, and insurance products.^[6] Before the transaction, JMMB already demonstrated a strong internal commitment to gender equity, with women representing 67 percent of employees, 57 percent of the leadership team, and 44 percent of the Board of Directors.^[7] Its broad client network and inclusive culture positioned it to deploy development capital efficiently and in line with FinDev Canada’s objectives.

The loan leveraged JMMB Bank’s wide network and Jamaica’s strong culture of gender equity to rapidly scale the Bank’s SME lending to women-led enterprises.

In response to Jamaicans’ distrust of banking institutions and inadequate identification infrastructures, JMMB has applied innovative solutions. These included the introduction of a digital onboarding and the adjustment of its process to accept alternative proof of address and identity.^[8][9] It has also invested in self-service kiosks and a Moneyline digital banking platform, which lets clients open accounts, transfer funds, and access credit from their phone or computer without visiting branches.^[10][11] These innovations help JMMB reduce the unique cultural and structural barriers faced by underserved populations in accessing financial services.

FinDev Canada’s support led JMMB to strengthen its environmental and social (E&S) standards. FinDev Canada’s due diligence process identified areas for improvement in JMMB’s E&S approach. In response, JMMB agreed to implement an Environmental and Social Action Plan that aligns with IFC E&S Performance Standards. Since then, JMMB has steadily advanced this plan, which strengthens internal systems for evaluating risks, monitoring compliance, and improving sustainability. Stronger standards improve the quality of JMMB’s SME portfolio and reduce its exposure to social and environmental risks. FinDev Canada’s E&S officers remarked that JMMB’s commitment has made them largely self-sufficient in advancing this process, which is still ongoing.

The transaction helped JMMB strengthen and institutionalize its gender-lens approach. JMMB has maintained one of the strongest gender balances in Jamaica’s financial sector—well above 2X Challenge thresholds. The bank, with FinDev Canada’s investment support, also continued to embed gender equity more deeply into its culture and operations. It launched programs such as the Women Inspiration Network (WIN) to mentor female employees and the PowHerful Women in Business Programme to provide tailored support for women-led SMEs. These efforts extend gender inclusion from internal representation to client engagement, turning gender equity from a corporate value into an operating principle.

The transaction also enabled JMMB to rapidly expand SME lending while maintaining strong portfolio quality. By March 2024, lending to small and medium enterprises reached USD262.3 million, accounting for one-third of the bank’s total loans, up from 28 percent when the transaction began. Since approval, the value of SME loans has increased by 61 percent, the number of active SME borrowers by 146 percent, and the number of women-led SME borrowers by more than five times. Women-led SMEs now receive larger and longer-term loans, averaging USD326,000 with an average loan term of 8.35 years, compared to USD294,000 and 7.16 years for the overall SME portfolio. This pattern shows JMMB’s growing engagement in women entrepreneurs and their businesses. Similarly, JMMB’s portfolio quality remains strong, with SME non-performing loans making up only 1.53 percent of the total SME portfolio, and those for women-led SMEs are even lower, at 1.3 percent. This reinforces global trends and is yet more evidence of the strong business case for financial institutions to increase WMSME financing.

The transaction expanded access to finance for underserved and first-time borrowers, especially women-led SMEs. Since the transaction’s approval, JMMB has issued a total of USD215 million in SME loans, with 36 percent directed to women-led enterprises. During FY 2023–24 alone, the bank issued 558 SME loans worth USD97 million, 28 percent of which went to women-led businesses. By March 2024, JMMB held 234 active SME loans to 178 women-led enterprises, representing 30 percent of the total value of its SME loan portfolio. Nine of those clients—including five women-led firms—were borrowing for the first time from any financial institution, showing that the transaction has helped the program reach previously underserved entrepreneurs. JMMB facilitated this expansion through its SME Resource Centre, which provides training, tailored advisory services, and mentorship to entrepreneurs. Matching financing with capacity-building helps businesses access credit and use it effectively

These impacts were driven by JMMB’s and Jamaica’s broader gender equity trends. Women account for a higher share of the labour force and leadership positions in Jamaica compared to many other countries in the region.^[12] Prior to the loan, JMMB Bank in Jamaica had already demonstrated a strong internal commitment to gender equity. It focused on vulnerable populations by combining financial inclusion with advisory support and community outreach. These pre-existing commitments, alongside Jamaica’s conducive gender equity environment, meant that JMMB was well-positioned to apply development capital to tangible gender outcomes.

JMMB has mobilised support for victims of Hurricane Melissa, which devastated areas where the Bank operates. The storm struck Jamaica’s mid-west corridor in late October 2025, including Montego Bay and St. James, where JMMB Bank has a strong client presence. Fortunately, the Bank does not expect material financial impacts on its portfolio. Even so, it contacted clients to understand their situations and provide appropriate support. JMMB Group has also offered financial and emotional assistance to affected employees. JMMB’s philanthropic arm, the Joan Duncan Foundation, committed JMD 25 million to immediate relief efforts and earmarked funding for long-term reconstruction and rehabilitation in the hardest-hit communities.