By Astha Prendergast
Copyright jis
Minister of Finance and the Public Service, Hon. Fayval Williams, has commended Jamaica’s micro-finance institutions for their pivotal role in supporting micro, small, and medium-sized enterprises (MSMEs) and advancing national economic development.
She was speaking during Access Financial Services’ recent 25th Anniversary Gala and Awards Ceremony at the Jamaica Pegasus Hotel in New Kingston.
Mrs. Williams noted that microfinance institutions are critical to Jamaica’s economic development as, “they stand at the crossroads of financial inclusion and entrepreneurship, bridging the gap between ambition and access.”
The Minister pointed out that MSMEs form the backbone of Jamaica’s economy, representing over 80 per cent of all enterprises and providing employment for hundreds of thousands of citizens.
“Despite their vital role, MSMEs have historically faced challenges in accessing traditional financing, which often requires collateral and credit histories that we know small entrepreneurs simply do not have,” she noted.
As such, Mrs. Williams said microfinance institutions have effectively stepped into the gap—offering not only capital, but meaningful opportunities for growth and empowerment.
“They empower small farmers who want to expand production, the young woman who dreams of starting her own salon, or the community shopkeeper who needs working capital to keep the doors open. These are the building blocks of resilient communities and inclusive economic growth,” she affirmed.
Minister Williams stated that the Government recognises the vital role of microfinance institutions in nation building and is actively pursuing policies that promote financial inclusion, stimulate entrepreneurship, and foster innovation.
“One of the most exciting initiatives we are working on, is the introduction of the Micro Stock Exchange. We expect to provide entrepreneurs with an opportunity to formalise their businesses, attract investors, and participate more meaningfully in the financial system,” she shared.
Mrs. Williams further noted that the Government continues to support the MSME sector through targeted capital solutions facilitated by the Development Bank of Jamaica (DBJ).
“The DBJ has deployed over $54 billion in MSME lending in the last 15 years with dedicated microloan facilities channelled through approved financial institutions, of which Access Financial is one. In 2024, through its network of microfinance partners, it provided financing to approximately 8,713 microbusinesses across all parishes,” she outlined.
The Minister emphasised that the Government remains steadfast in its commitment to ensuring that every Jamaican, particularly small business owners and entrepreneurs, are afforded equitable access to the financial resources necessary to thrive.
