Prime Minister Holness says increased bank fees will cause greater stress on citizens.

Speaking last evening (January 25) at the opening ceremony of the Jamaica Stock Exchange 17th Regional Investments and Capital Markets Conference at The Jamaica Pegasus hotel in New Kingston, Holness asserted that financial institutions must be cognizant of the difficulties that citizens face, especially during the pandemic.

The prime minister said while Jamaica seeks to transition out of the pandemic and the related measures, we are still in the midst of a pandemic. In this regard, he noted that there are many Jamaicans experiencing significant financial difficulties. He told business leaders present that with society still reeling from the economic fallout from the pandemic, it would be iniquitous to increase banking fees and other prices on consumers at this time.

Said Holness: “Business leaders must pay attention to the social context; I have a higher duty to ensure equity and to protect the vulnerable.”

The prime minister further stated that, in urging business leaders to consider the social context, he is not appealing to their conscience, but rather pointing out a fact that makes good business sense, while at the same time providing a buffer for customers and consumers.

“It makes good business sense to protect the people of the country,” the prime minister emphasised.