Williams: BOJ to launch website allowing Jamaicans to compare bank fees

Jamaicans are expected to find it easier to compare banking fees and switch accounts when a new comparison website is launched this year as part of financial sector reforms.

Finance Minister Fayval Williams, opening the 2026–2027 Budget Debate in the House of Representatives on Tuesday, said the initiative is being led by the Bank of Jamaica to strengthen competition in the banking sector.

“A new comparison website is scheduled for launch this year,” Williams told the House. “The platform will allow consumers to easily compare banking fees, charges, and interest rates across financial institutions.”

Williams said the development of the site has already been approved and will be supported by focus group testing and marketing campaigns ahead of its rollout.

She said the initiative is intended to address long-standing consumer concerns about banking services and improve transparency in the cost of financial products.

According to the minister, the measure is expected to encourage more competitive deposit pricing, lower funding costs for financial institutions and improve the transmission of monetary policy.

Williams said the changes could also support the Government’s financing needs. “We are going to need our local financial sector to come through with low cost financing for the government to help with the reconstruction,” she said, referencing the extensive damage from Hurricane Melissa last year.

She added that increased transparency and competition in the banking sector could also strengthen participation in the Government’s domestic debt instruments while improving confidence in the financial system.

For businesses and consumers, Williams said the reforms are expected over time to promote greater market discipline, financial innovation and deeper liquidity in Jamaica’s domestic financial market.

Meanwhile, Minister Williams also outlined plans for a national electronic Know Your Customer (eKYC) platform that is to be a centralised digital gateway to streamline identity verification and account opening.

“The system will expand financial inclusion, reduce paperwork, and enable banks to onboard customers more efficiently through a single access point,” Williams said, noting the project is approximately 50 per cent complete and aligned with a targeted 2027 launch.

Williams said modernising and digitising financial infrastructure is expected to strengthen market efficiency, transparency and liquidity, while lowering borrowing costs for the Government, businesses and consumers.

“Over time, enhanced consumer confidence, market discipline, and financial innovation are expected to help deepen liquidity and broaden participation in Jamaica’s domestic financial market,” she added.

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