Citizens should find it easier to switch bank accounts and compare fees starting this year as the Bank of Jamaica (BOJ) advances initiatives to boost competition in the financial sector.

Finance Minister, Fayval Williams, made the announcement as she opened the 2026/27 budget debate in the House of Representatives yesterday.

Mrs. Williams assured Jamaicans that concrete measures are being taken to address long-standing consumer concerns about banking services.

She noted that this will support more accurate pricing and encourage greater participation in the Government’s domestic debt instruments.

Meanwhile, Mrs. Williams said the BOJ plans to introduce a national electronic Know Your Customer (eKYC) platform to streamline and standardise the account-opening process, expand financial inclusion and reduce paperwork.

She advised that the platform will come on stream in fiscal year 2026/27.

Mrs. Williams noted that the eKYC utility is part of Jamaica’s broader effort to modernise and digitise its financial infrastructure.

She further explained that a modernised and digitised financial infrastructure can significantly strengthen the money market by enhancing efficiency, transparency and liquidity, while reducing costs and risks.