Access Financial Services Limited (AFS) has advised that its application to operate as a Microcredit Institution pursuant to the Microcredit (License Form of Application) Rules, 2021 has been approved by the Bank of Jamaica.
All microfinance institutions (MFIs) doing business in Jamaica must either already have a license from the BOJ or have applied for one as of July 30. The act aims to regulate MFIs, promote greater financial inclusion, enhance customer satisfaction, and increase customer disclosure.
Access Financial Services, a publicly traded company, has also formally informed the Jamaica Stock Exchange of the BOJ’s authorisation to operate under the new rules. AFS is one of the top companies in the microfinance industry, with assets under control of just over $5.6 billion. For the fiscal year that ended on March 31, 2022, the company generated revenues of $1.97 billion and a consolidated net profit after tax of $438 million.
The company serves the micro business sector, which is made up of an estimated 425,000 micro, small, and medium-sized companies (MSMEs) running operations all across the island, by offering both personal and business loans.