Leesa Kow, Managing Director of JN Bank and Chairman of the Caribbean Association of Banks, recently highlighted Jamaica’s narrowing trade deficit with the Caribbean Community (CARICOM) as a promising sign for the country’s businesses and financial institutions.
Speaking at the Jamaica Chamber of Commerce Annual Awards, held at the Mercedes Benz Showroom on South Camp Road in Kingston, Kow emphasized the expanding opportunities for Jamaican enterprises across the region.
Kow underscored the importance of digitalization for financial institutions, urging immediate action to enhance inclusivity and support small and micro-entrepreneurs in regional trade.
“This requires our institutions to digitalize, not in the future, but now,” Kow insisted, “to make financial services more inclusive and provide more opportunities for our small and micro-entrepreneurs to also participate in trade with the region,” the JN Bank managing director argued. “These are issues that we (CAB) are focusing on intently so that our institutions can adapt faster to support our people with the access necessary to seize opportunities here in Jamaica and across the Caribbean,” she said.
Exports from Jamaica increased by almost 25%
Referencing data from the Statistical Institute of Jamaica, Kow noted a significant improvement in Jamaica’s trade balance with CARICOM in 2023. Exports from Jamaica increased by nearly 25%, while imports from CARICOM decreased by 32%. “And, although a large imbalance remains, we are closing the gap, and that is worthy of a toast,” Kow remarked, celebrating the positive trend.
Kow also showcased JN Bank’s efforts to enhance financial inclusion through digital innovation, specifically mentioning the ONE JN Passport app. Available on the Google Play Store and App Store, as well as via onejnpassport.com, the app allows users to open savings accounts in major foreign currencies and apply for loans without needing to visit a branch. Kow highlighted the app’s role in empowering individuals to make faster decisions and seize regional opportunities.
“My reference to this app isn’t merely to gloat about the wonderful technology we’ve developed, but to underscore that placing this kind of power in the palms of our people, won’t simply give them better access to services, it allows them to make decisions much faster so they can grasp regional opportunities as they emerge,” Kow explained.
She concluded by urging financial institutions to look beyond Jamaica’s borders and embrace their regional roles, reinforcing the need for stronger collaboration to maximize the benefits of improving trade relations with CARICOM states.
