标签： Jamaica

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.

Jamaican manufacturers are being encouraged to enhance their packaging design to better compete with imported products, but the lack of local innovative packaging designers remains a significant hurdle. Tara Kisco, Country Manager at PriceSmart Jamaica, emphasized this during a Young Entrepreneurship Fireside Chat hosted by the Young Women and Men of Purpose (YWOP/YMOP) Foundation. She highlighted that packaging is often the first point of contact with consumers, serving as a crucial sales tool. PriceSmart, a membership-based retail warehouse club, has been working closely with suppliers to improve packaging so that local products are indistinguishable from imported ones. Kisco noted that proper labeling is equally important, with retailers like PriceSmart refusing to stock products that lack essential details such as origin, usage instructions, and manufacturer information. The Jamaica Bureau of Standards is also developing new labeling rules to help local goods meet export standards and strengthen their presence in overseas markets. While packaging design can be costly, Kisco stressed its critical role in consumer perception. She advised manufacturers to align packaging with the product’s intended price point, using bottled water as an example to illustrate how packaging can signal a product’s market position. Despite ongoing investments in local packaging, Kisco observed that imported packaging remains dominant, particularly for more creative and innovative solutions. In November 2023, Jamaica Packaging Industries Limited (JPI) completed a $2-billion investment in a new facility, significantly boosting its production capacity. This expansion aims to reduce Jamaica’s reliance on imported packaging, which currently accounts for over 60% of corrugated boxes used in the country. According to TradeEconomy.com, Jamaica’s total paper packaging imports reached US$49 million in 2023, with corrugated and non-corrugated cartons and boxes making up the majority. These figures underscore the strong demand for packaging, yet the creative and technical aspects of packaging design remain underdeveloped, limiting local manufacturers’ ability to compete effectively.

Once a hub for starter homes and middle-income neighborhoods, Portmore, Jamaica, is now emerging as a hotspot for high-end developers and diaspora buyers seeking lifestyle upgrades and long-term investments. The latest addition to this transformation is Tessera by SmartHomes Jamaica, a groundbreaking development that underscores the city’s shift toward sustainable, tech-driven living. Located in Bernard Lodge, Tessera will feature 418 units across four neighborhoods, each equipped with solar panels, lithium battery storage, and EV-charging outlets. The community will also boast a clubhouse, recreational spaces, and jogging trails, amenities previously reserved for upscale areas in Kingston. With prices starting at $36.95 million, Tessera positions Portmore in Jamaica’s mid-to-upper housing segment, offering enhanced features like built-in energy and water systems that significantly reduce utility costs. Each unit includes six solar panels, a hybrid inverter, and a lithium battery, ensuring uninterrupted power during outages. A solar water heater, a 400-gallon roof-mounted tank, and a rainwater harvesting system further enhance sustainability. SmartHomes estimates these features can slash electricity bills by 50-80%. Lancedale Farquharson, operations director at SmartHomes, emphasized the affordability of these eco-friendly homes, stating, ‘We treat smart and green as standard, not luxury.’ The development targets young professionals and returning residents, offering a $1 million discount for early applications and a 5% deposit requirement. Portmore’s evolution from a suburban spillover to a thriving residential hub has been fueled by new highways, expanding commercial centers, and a growing population of professionals. Tessera builds on this momentum, introducing advanced technology and environmental consciousness to the area. Despite rising construction costs driven by inflation and global supply chain pressures, SmartHomes remains committed to making sustainable living accessible. The first phase of Tessera, comprising 136 units, is underway, with completion slated for early 2027. This development sets a new standard for modern, energy-efficient housing in Jamaica, signaling a promising future for Portmore’s real estate market.

Amid escalating operational costs and tightening cash flows, the Jamaica Business Development Corporation (JBDC) has issued a critical warning to micro, small, and medium-sized enterprises (MSMEs) in Jamaica. The agency emphasized the importance of recognizing and addressing early signs of financial distress to avert bankruptcy. This advice was highlighted during the JBDC’s recent Virtual Biz Zone webinar, titled ‘Debt Alarm: Identifying the Signs of Financial Distress,’ which was conducted in partnership with the Office of the Government Trustee (OGT). The session aimed to equip entrepreneurs with actionable strategies to detect and mitigate financial vulnerabilities before they escalate into business collapse.