Co-Branded Credit Card for JMA Members
Over 400 micro, small and medium-sized enterprises (MSMEs) are set to benefit from an exclusive business solution designed by the National Commercial Bank (NCB) to comprehensively meet financing needs, while providing cost saving and superior benefits to Jamaica Manufacturers’ Association (JMA) members.
The partnership, between NCB and the Jamaica Manufactures’ Association (JMA) was launched today (July 12) at the JMA’s Duke Street office in Kingston.
In speaking at the event, Claudette Rodriquez, Assistant General Manager of the Payment Services Unit at NCB noted that the four-pronged business solution reiterates the Bank’s dedication to delivering products and services to aid in maximizing SMEs’ growth and development.
“Included in the business solution package is a payment solution through the co-branded business credit card, JMA NCB Business Edge; a $2 billion loan facility exclusively available for JMA members; collection solutions with Point of Sale (POS) terminals and eCommerce assistance; access to special loans/investment accounts and life and general insurance options. These opportunities come with reduced fees, waived service charges, discounts and access to free services,” Rodriquez said.
Coupled with this, JMA members will additionally have access to pension fund management services, joint marketing and promotions, training and development opportunities as well as product development support.
“Markedly, this strategic solution is set to be one of mutual benefit. It affords NCB an invaluable opportunity to provide strong and stable financial support to a world class entity, as well as it allows for the maximization of the likelihood of business growth for the JMA and its network of members,” Senior General Manager of Treasury and Correspondent Banking and Payment Services at NCB, Septimus Blake, said.
He stated that as the nation’s bank, NCB seized the opportunity to partner with and support the JMA in its pursuit to develop and expand the productive sector as it recognized the importance of supporting local manufacturers. “SMEs share an intrinsic link to the promotion of brand Jamaica, as well as the growth and sustainability of the Jamaican economy,” Blake added.
JMA’s President Metry Seaga in noting the importance of the JMA/NCB full suite of financial solutions to further support the capacity of the productive sector stated that the diversification of financial modalities created through the partnership provides a unique opportunity for JMA members to increase their competiveness particularly our Micro and Small Enterprise Membership and allows the JMA to further address a longstanding hindrance to the sector.
Noting that a robust manufacturing sector is crucial to building a better Jamaica, Seaga mentioned that on average, manufacturing contributes $24.2 billion per year in taxes or 12.9 per cent to the overall government tax revenue. “The sector in 2015 expanded by 3.1 per cent, contributed 8.6 per cent to Gross Domestic Product and increased employment to approximately 73,000 individuals,” he underscored.
Seaga also indicated that the loan facility further demonstrates the JMA’s commitment to collaboration and partnerships so that the manufacturing sector can fully realize its productive potential. “Prioritizing manufacturing development is therefore critical for promoting inclusive economic growth,” he added.
The Bank first partnered with the JMA in 2004 for the national Buy Jamaican, Build Jamaica campaign. NCB intends to renew its commitment to the initiative this year with the signing of a Memorandum of Understanding signalling its support towards promoting the education, production and consumption of all things Jamaican.
Executive Director of the JMA, Mrs. Imega Breese McNab commented that: “in addition to financial solutions, MSMEs require both marketing and retail support services. Through this initiative and the Buy Jamaican campaign, our members are now more equipped to increase efficiency, productivity and ultimately improve Jamaica’s growth potential.
NCB continues to focus on micro and SMEs shared journey to achieving financial growth as they account for a significant portion of employment rates and can, therefore, help to improve standards of living. A collaboration of this nature between the productive and financial services sectors is needed in order to strengthen local industries.