Build gates in Jamaica’s payment firewall

THE EDITOR, Madam:

I am a Jamaican creative, consultant, and writer. Some of my clients are in the United States. We have embraced the promise of globalisation and the call to think globally while acting locally. My work is legal, my invoices are honest, and my taxes are payable. Yet, getting paid still feels like trying to run a modern business through a hole in a wall. While scamming has tarnished Jamaica’s reputation, many law-abiding professionals continue to earn legitimately.

I often have to ask American clients to use Western Union and explain why PayPal withdrawals remain difficult. Global platforms frequently classify Jamaica as “high-risk” or unsupported. MoonPay’s decision to prohibit services for Jamaican residents is a private business choice, but it reflects a larger problem: correspondent banking de-risking, lingering Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) concerns, an incomplete virtual asset framework until recently, and weak consumer protection. Together, these factors make legitimate Jamaican businesses appear risky to the global financial system.

This is more than an inconvenience. It acts as a financial firewall, restricting freelancers, consultants, designers, developers, writers, and other service exporters. We lose contracts because clients reject the hassle. We lose money through fees and workarounds. We lose dignity when we must request payment through outdated channels.

The Virtual Asset Service Providers Act is a welcome step. The Financial Services Commission (FSC) licensing regime, AML/CFT requirements, travel rule provisions, and penalties for unlicensed operators are all important. However, legislation alone will not persuade PayPal, Stripe, Wise, Payoneer, or correspondent banks to serve Jamaica.

I urge the Government of Jamaica, the Bank of Jamaica, the FSC, and the Ministry of Finance to:

• Publish a national cross-border payment strategy for freelancers and small businesses.

• Create a fast-track licensing and sandbox regime for compliant payment providers and fintechs.

• Develop inter-operable payment rails that connect Jamaica with global markets and the diaspora.

• Work with correspondent banks and international processors to reduce de-risking.

• Ensure transparent onboarding requirements and stronger consumer protections.

• Simplify tax and reporting rules for foreign-earned income.

Jamaica’s greatest export is its talent. Talent cannot thrive if it cannot get paid. We are not asking to be carried. We are asking to be connected. Give us gates, not walls.

YANNICK PESSOA