Mon | Aug 21, 2017

JN Bank looking to revolutionise banking in Jamaica

Published:Monday | February 6, 2017 | 2:00 AMOkoye Henry

WESTERN BUREAU:

Jamaica National has given a commitment that it will be providing greater innovative and financial solutions to clients locally and abroad following last week's official opening of JN banks at 34 locations islandwide.

At the Catherine Hall branch's unveiling in Montego Bay, Nina Peters, JN's business relationship and sales manager, said the company is focused on revolutionising banking in Jamaica.

"We will be facilitating the opening of new accounts online for existing members, initiate the opening of accounts for new members to be completed in branch in a shorter time, provide access to credit cards and other products, offer competitive rates, while charging fees lower than the market rates," Peters said.

"In addition, our members will continue to access specialised services from companies in the JN Group, including JN Fund Managers, JN General Insurance, JN Life Insurance and others," Peters added.

Claudette Bryan, acting custos of St James, said the competitiveness of JN's services come at a time when bank fees and charges are being called into question.

 

LOW FEES

 

"So I would imagine that across the board, fees for services will be lower than market average, and I sense an intention to compete aggressively for business," Bryan said.

Having now an established a foothold in the local banking sector, JN has become the country's first commercial bank to be owned by its savers and borrowers.

The commercial bank will be a subsidiary of the Jamaica National Group, which started the process of reorganisation some eight years ago.

The entry of JN Bank increases the number of commercial banks operating in Jamaica to seven.