The Bank of Jamaica (BOJ) has given the National Commercial Bank (NCB) approval to allow customers to open accounts online using the National identification system (NIDS) when it becomes operational.
NCB was approved to pursue three use cases. These include face-to-face deposit account onboarding, online deposit onboarding with biometric authentication, and KYC remediation for services that integrate the National Identification Registration Authority.
The announcement was made by Floyd Green, Minister without Portfolio in the Office of the Prime Minister during his contributions to the 2023- 2024 Sectoral Debate today (May 16).
“This is a massive game changer with significant economic value. The ability to create a bank account
remotely can now become a reality, and the possibility to open a bank account within minutes without going into a bank is closer to our reach. This has always been our Prime Minister’s vision for our National Identification System, a vision of making the lives of Jamaicans better,” said Green.
The Government signed a Memorandum of Understanding (MoU) with 10 deposit-taking institutions to disuss ways they could work together to use the NIDS to make opening bank accounts easier for Jamaicans.
There have been four workshops with the institutions to discuss ways the national ID can make the process easier.
NIRA in final stages
Work is also being done to create the National Identification and Registration Authority (NIRA) and the National Identification and Registration Inspectorate (NIRI).
Green shared that the Government has put in place the resources to govern and operationalise Jamaica’s first National Identification and Registration Authority as prescribed by law this calendar year.
“We are in the final stages of composing the first ever NIRA Board, with most of the recommendations already being made for most of the representative positions. The Prime Minister will announce the names in short order,” said the Minister.
NIRI, which comprises the Commissioners of the Electoral Commission of Jamaica, is now positioned to provide independent oversight of NIRA which is a requirement under the law. The body will ensure the protection, privacy, and confidentiality of an individual’s identity.
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