Less stress to open a new Jamaican bank account?

Opening a new bank account in Jamaica is about to get a lot easier… but only if you already have an account.  Let me explain.

If you’ve ever tried to open a bank account in Jamaica, then you know it’s a long and complicated process.  

You need a Government-issued photo ID, proof of address, proof of funds, TRN, your first baby teeth and your left pinky. The only thing they don’t need anymore is references.  The Bank of Jamaica got rid of that requirement a couple of months ago.

And don’t get me started on opening a business account.  I heard one business owner describe that as “death by a million papercuts”.

The worst part is, that you have to go through the whole process again if you want to switch banks or just open another account with a new institution… but not anymore. 

Enter the BOJ. BOJ Governor Richard Byles says they’re developing a central electronic database that will allow you to open accounts at different banks with no hassle.

The ultimate goal is for commercial banks to transfer all customer data into the central depository.

A central electronic database for banks refers to a secure system or platform where financial institutions store and manage data related to their customers, transactions, accounts for example.

Think of it like a big digital storage room where banks keep all their important data.

This database will contain KYC or Know Your Customer information.  This is the data collected by financial institutions to verify the identity of their customers. 

This typically includes details such as your full name, date of birth, address and identification numbers.

So, instead of supplying the same information to every bank you do business with, banks will simply be able access the central database whenever you want to open an account. Which will save us a lot of time!

If NIDS crossed your mind while thinking about this proposal, we’re on the same wavelength.

NIDS is the National Identification System that’s been in the works for some time now.

This new banking database and NIDS both carry similar concerns about data privacy, security, and potential infringements on civil liberties.

But the thing is, the banks already have your information, protected under strict data protection policies. 

It’s just that now, the BOJ wants to centralize the collection of the information so customers can experience less hassle. 

Governor Byles says we can expect the roll out within the next 18 to 24 months. Right now, they’re getting help from the World Bank to develop the system. 

If this is to work it’ll take the collaboration of the BOJ and banks, but most importantly…the customers.

And that’s the bottom line.