Digital transactions to get big push

A major investment in the country’s digital payment platform allowing for real-time transactions is one of the major planks of the Jamaica Labour Party’s (JLP) commitments if it prevails in the September 3 general election.

Nigel Clarke used Tuesday’s virtual launch of the party’s 2020 manifesto to outline its plan for providing greater support to the Bank of Jamaica, improved consumer protection, and diversification of the economy to achieve an improved business environment.

All this, he said, was in keeping with the JLP’s 10-point economic recovery plan, which includes legislation to provide increased consumer protection in financial services.

Clarke appeared to address deep-seated discontentment about user fees often deemed predatory by the public and which has long been the drumbeat of Opposition Spokesman Fitz Jackson.

The finance minister said that a new Holness administration would press for “full disclosure on the part of financial institutions on the terms of their products, on the fees that are involved in those products, and giving the authorities the ability to apply sanctions, including fines or restitution in the event of a breach of these terms”.

Clarke disclosed that a comprehensive reform would include the repeal of the Customs Act.