Access Financial Services Limited (AFS) has advised that its application to operate as a microcredit institution has been approved by the Bank of Jamaica (BOJ).

The licence has been approved pursuant to the Microcredit (Licence Form of Application) Rules, 2021. This means that AFS is approved to provide microcredit services such as the granting of loans or business advisory services to individuals and MSMEs.

AFS provides retail lending services to the micro-enterprise sector for personal and business purposes in Jamaica and the United States.

The micro financer has further advised that it will continue to ensure that it meets all regulatory obligations to provide greater financial inclusion, improved customer service and greater disclosure to customers.

Access Financial Services saw an increase in profit for the year ended March 2022. Post-tax earnings were J$438 million, 65 per cent higher than in 2021 when the company made J$266 million.

Access Financial’s total income grew by J$159 million to J$1.98 billion. The company reported improved performance resulting from growth in net interest margins and improved recoveries on bad debt.