Community Banking

Financial institutions are generally located in urban areas and many people who live in rural parishes and inner city communities in Jamaica have to travel long distances to do banking and other financial activities.

However, the Jamaica National Building Society (JNBS), through its revolutionary community banking concept, of Money Shops, has been striving to dispel this myth by developing novel approaches to banking services at the community level, and inviting community consultation in the design of these facilities.

Unique Hybrid Concept

The difference between traditional commercial banking and community banking is that the latter also consists of social and capacity-building modules.

The idea is to provide access to financial services and other facilities that support economic empowerment at the community level in a sustainable way. And, these services are designed to meet the unique needs of the community in which the facility operates.

Using this concept, JNBS has established special hybrid branches in several communities across the island. These locations are called: JN Money Shops. 

Currently, there are four Money Shop locations operated by JNBS at: Gayle, St. Mary; Barbican at AzMart and Knutsford Boulevard, New Kingston; and, a cashless location, JN Financial Services in the Loshusan Shopping Centre in Barbican.

The cashless location, for instance, is specifically designed to cater to persons who want to save time and make their bill payments within the convenience of their supermarket.

Developing the Nation

Phillip Bernard, JNBS Senior Manager with responsibility for Community Banking asserts that “you cannot develop a society in which the majority of the people are not part of the mainstream financial system.”

He contends that if the majority of your population is engaged in the informal sector, a lot of people could be left behind in the development process, effectively defeating the purpose.

“Therefore, offering access to financial services at the community level is one way of helping all Jamaicans to be a part of the mainstream financial system,” Mr. Bernard maintains.

Jamaica National, in its drive to empower citizens, has experienced a creditable degree of success in achieving the some-what elusive goal of providing financial access to under-served communities. With the replication of the unique community banking concept, the building society has been changing the way financial services are delivered throughout Jamaica.