The Senate of Jamaica recently passed the Micro Credit Act, 2021, paving the way for its approval by the Governor-General. The legislation aims to reduce malpractice and the charging of “excessive interest” rates by microlenders as well as to boost risk management practices, sector transparency, and the disclosure of product pricing and terms. Another goal is to attract more players into the industry, thereby facilitating greater access to credit at a lower cost.
By Aakansha Shenoy, Research Associate
Sources and Additional Resources
Microfinance Act passed by Senate of Jamaica
https://japarliament.gov.jm/attachments/article/339/The%20Microcredit%20Act%20vellum%20combined.pdf
Jamaica Observer article
http://www.jamaicaobserver.com/sunday-finance/micro-credit-act-to-strengthen-the-microfinance-sector_215809
Jamaica’s House of Parliament homepage
https://japarliament.gov.jm
Did you know that MicroCapital publishes the MicroCapital Monitor each month? Find out more at https://www.microcapital.org/products-page.
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