分类： business

KINGSTON, Jamaica — Rose Miller, a financial education consultant with the JN Foundation, has underscored the critical importance of cultivating good credit habits as a pathway to financial freedom. Her remarks were delivered during the recent Smarter Credit Workshop, hosted by the JN Financial Academy at The Jamaica National Group’s Corporate Offices in New Kingston. The event was also live-streamed on the JN Foundation’s YouTube channel, attracting widespread attention.

The workshop, themed “Cultivating Good Credit Habits,” focused on the pivotal role of responsible credit management in achieving long-term financial stability and unlocking superior financial opportunities. Attendees were provided with actionable insights on understanding, building, and maintaining robust credit scores.

Miller highlighted five compelling reasons why Jamaicans should prioritize good credit. These include easier access to loans such as mortgages, credit cards, and lines of credit, as well as securing lower interest rates, which can save individuals significant sums over time. She also noted that employers may review credit scores during hiring processes, making it an essential aspect of personal and professional life.

“Strong credit offers peace of mind,” Miller emphasized. “By managing credit wisely, individuals can avoid late fees, high interest rates, and the stress of debt, which can even impact overall health. Good credit habits instill confidence and control over one’s financial future.”

She further explained that maintaining good credit is a cornerstone of wealth building, though she cautioned that wealth accumulation is a gradual process requiring time, consistency, and discipline. “Beware of anyone promising quick riches,” she warned. “True financial success is built steadily.”

Miller outlined several strategies for improving and maintaining a strong credit score, which she described as the “driver of creditworthiness.” Key factors include payment history, credit utilization, length of credit history, credit mix, and recent credit applications. She advised participants to pay bills on time, keep credit utilization between 30% and 40%, maintain old accounts, diversify credit types, and limit credit inquiries.

“Financial discipline begins with sound planning,” she stressed. “Whether at the household or national level, everything starts with a budget. Managing finances effectively is the foundation of success.”

The workshop drew over 300 attendees, many of whom praised its practical and educational value. Jay Beckford, a student at the University of the West Indies, Mona Campus, described the session as highly informative. “I gained valuable insights into financial literacy and the importance of maintaining a good credit score,” he said. Similarly, Kedifa Campbell-Boothe, a collections agent at the Jamaica Public Service Company, found the workshop engaging and useful. “It was practical, relatable, and educational,” she shared.

Medical Disposables and Supplies Limited (MDS), a prominent distributor of pharmaceutical and medical supplies, has embarked on a strategic initiative to reverse its financial losses and return to profitability. Despite two consecutive years of net losses, the company has outlined a four-pronged approach to address its challenges and restore financial health. This strategy includes aggressive cost reduction, restoration of gross margins, debt reduction, and an expanded product offering in both its medical and consumer divisions.

MDS, which has been listed on the Jamaica Stock Exchange (JSE) for nearly 12 years, has seen significant growth in revenue, assets, and capital base since its listing. However, the company faced setbacks due to the write-down of COVID-19 backlogged products in its March 2024 financial year and rising operational financing costs in 2025. These challenges have necessitated a sharp focus on cost management and operational efficiency.

In its 2025 annual report, MDS highlighted progress in revenue growth, expanded product offerings, and stronger gross margins. Consolidated revenue grew by 5% to $3.88 billion, driven by increased sales volumes and market diversification. Gross profit rose by 22% to $876.43 million, though real growth was only 10.64% after accounting for inventory write-downs. Administrative expenses increased by 8% due to emergency repairs and higher security costs, while selling and promotional expenses were reduced by 4%.

However, MDS faced a significant jump in impairment charges on financial assets, from $14.97 million to $129.17 million, largely due to auditors increasing provisions for related party balances. This resulted in a consolidated operating loss of $151.66 million and a net loss of $281.06 million. Despite these setbacks, the company’s core business showed improvement, with revenue growing by 9% to $3.52 billion and gross profit rising by 38% to $787.29 million.

MDS CEO Kurt Boothe emphasized the company’s focus on cost containment, supplier renegotiations, and operational efficiency. The company has also expanded its presence in the general consumer market, with confectionery, beauty, and household lines contributing to revenue growth. MDS expects finance costs to decline in the coming months as it optimizes inventory levels and enhances collections performance.

The company’s first quarter (April to June) saw a 3% rise in consolidated revenue to $998.74 million but a net loss of $16.42 million. MDS’s asset base stood at $2.49 billion, with inventory at $1.04 billion and trade receivables at $626.19 million. The company last paid a dividend in January 2023 and is currently focused on financial recovery. MDS will host its annual general meeting on November 20 at its head office in Kingston.

Jamaica’s push for financial inclusion has spurred a remarkable rise in digital payments and mortgage activity, yet the nation’s small businesses face a crippling credit crunch, jeopardizing sustainable economic recovery. According to the Bank of Jamaica’s National Financial Inclusion Strategy (NFIS) impact report for the first half of 2025, digital transactions surged by 10.9% year-over-year, reaching 71.1 million, with utility bill payments leading the charge at 73.3% digital adoption—a figure more than double that of 2015. Simultaneously, new mortgage values climbed 13.5% to $44.4 billion, reflecting robust consumer confidence in the housing market. However, credit growth to micro, small, and medium-sized enterprises (MSMEs) plummeted to 5.8% from 27.4%, with micro-enterprises seeing a mere 0.1% increase. This stark divergence underscores a critical challenge: while consumer finance thrives, the backbone of Jamaica’s economy—small businesses—struggles to access vital capital. Dr. Norman Grant, first vice-president of the Small Business Association of Jamaica, highlighted collateral requirements as the primary barrier, urging the introduction of developmental loans and policy reforms to support MSMEs. The Bank of Jamaica, led by Senior Deputy Governor Dr. Wayne Robinson, is addressing these issues through initiatives like the rollout of a Central Bank Digital Currency (CBDC) and efforts to improve financial literacy and MSME digitization. Yet, the paradox remains: while digital payments generate valuable data on cash flow and financial behavior, mechanisms to translate this data into affordable credit for small businesses remain underdeveloped. As Jamaica’s financial inclusion strategy advances, bridging the gap between digital consumers and collateral-poor entrepreneurs will be essential to ensuring broad-based economic growth.