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First Global Bank opens more than 11,000 savings accounts for unbanked Jamaicans
Thousands of Jamaicans who are part of the Government of Jamaica’s (GOJ) CARE programme have applied for savings accounts with GraceKennedy’s business bank, First Global Bank (FGB), making the programme a success.
Since launching just over a week ago, the bank has recorded more than 11,000 applications for savings accounts from applicants who have chosen GraceKennedy Money Services (GKMS)/Western Union as their Compassionate Payment location.
To support financial inclusion for all Jamaicans, GraceKennedy Commercial Bank has simplified the account opening process for Jamaican Government CARE recipients, allowing them to use their Jamaican Government-issued ID card and Taxpayer Registration Number (TRN).
Mariame McIntosh Robinson, president and CEO, said there has been strong interest among beneficiaries of the Japanese government’s CARE program in obtaining financial services.
Speaking about the initiative, she said: “At GraceKennedy, we recognise that the unbanked segment of society has been severely impacted by this global pandemic. While we have been pursuing financial inclusion and opening accounts for the unbanked for several years, the Jamaican Government’s CARE programme provides an immediate opportunity to make banking services accessible to more Jamaicans as the Jamaican Government conducts pre-screening and places transaction limits on accounts, thereby reducing account opening requirements. Now more than ever, it is imperative that Jamaicans have access to the formal sector and benefit from savings, pensions, payments and more. We thank the over 11,000 Jamaicans who have chosen us as their banking partner over the past few weeks – we stand ready to serve you”.
FGB representatives have been deployed to 60 GKMS locations to facilitate quick and easy registration for savings accounts with no account-related fees and free use of VISA debit cards. Supporting the unbanked through the Japanese government’s CARE program is another in a series of financial inclusion efforts by the bank.
In 2019, FGB became the first bank in Jamaica to launch agent banking, which allows contracted third-party community businesses (such as remittance companies, supermarkets, etc.) to provide banking services. FGB has opened 11 agent branches islandwide at GraceKennedy Money Services outlets, and more will be opened in the future, given that GKMS has more than 200 outlets.
Introducing the sub-brand First Global MoneyLink, which includes banking agents and small branches, Arlene Williams, Vice President of Personal and Business Banking, said: “We are delighted to have opened FG MoneyLink outlets across the island as we strive to bring banking services to communities, especially those that are underserved and where FGB did not previously have a presence. The feedback we have received has been encouraging. Jamaicans appreciate that Grace is a local bank close to their communities.”
To continue to meet the growing demand, the bank will extend the account opening period after the official collection period ends; therefore, everyone receiving CARE benefits can go to a First Global Bank branch or mini branch or visit the website www.firstglobal-bank.com to open an account with the same reduced requirements.
For more information on opening an account with First Global Bank, customers are advised to contact the bank at 888-CALL FGB (225-5342)
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