Banks in Jamaica

Jamaica's regulated banking system is based on Deposit-Taking Institutions (DTIs), which accept deposits and provide banking services under the Banking Services Act 2014. The Bank of Jamaica (BOJ), through its Financial Institutions Supervisory Division (FISD), licenses and supervises commercial banks, merchant banks and building societies. The BOJ uses inspections and ongoing reporting, while its Supervisory Committee handles licensing, fit-and-proper assessments, branches, mergers, capital, risk rules and sanctions. At the end of 2025, Jamaica had 11 DTIs: eight commercial banks, two building societies and one merchant bank. The commercial banks were Bank of Nova Scotia Jamaica Limited, Citibank, N.A., CIBC Caribbean Bank (Jamaica) Limited, First Global Bank Limited, JMMB Bank (Jamaica) Limited, JN Bank Limited, National Commercial Bank Jamaica Limited and Sagicor Bank Jamaica Limited. The building societies were Scotia Jamaica Building Society and Victoria Mutual Building Society. Cornerstone Trust & Merchant Bank Limited was the merchant bank. Credit unions are a legally separate functional alternative. There were 23 credit unions with 1,094,794 members at the end of 2025, but their supervision is not the same as DTI supervision. Customers can usually access banking services at branches, automated banking machines (ABMs), online and mobile banking services, and authorised agents. The BOJ maintains a branch directory by parish and town. Opening hours depend on the institution and branch; many branches operate around 8:30 a.m. to 2:30 p.m., while some remain open until 6:00 p.m. or on Saturdays. Authorised agents may accept deposits, process withdrawals, handle bill payments, provide account-balance information and receive loan repayments. Agents are third parties that do not take deposits in their own name, and the BOJ sets authorisation and transaction limits. Common account and deposit products include savings accounts, chequing accounts, Certificates of Deposit (CDs), time deposits and building-society shares. A DTI may request customer due diligence information before opening an account, including identity, beneficial ownership, occupation or economic activity, source of wealth or funds, contact details and authority to act for another person. The institution should disclose the account type, effective annual interest rate, term, currency, minimum balance, monthly service or maintenance charges and any penalty for early withdrawal or encashment. Fees and terms are generally set by each institution and product rather than by one national fee schedule. A DTI must disclose fees and terms, provide account information at reasonable cost and issue a monthly statement or another agreed statement cycle. It must normally give at least 45 days' notice of a fee change, except when the change is outside the institution's control. The Jamaica Deposit Insurance Corporation (JDIC) automatically protects eligible deposits at commercial banks, merchant banks and building societies. Customers do not register or submit a claim to obtain the protection. The limit is J$1,200,000 per depositor, per insured institution and per ownership category, including principal and interest. Ownership categories include individual, joint, company, trust and nominee accounts. Covered products include savings and chequing accounts, CDs, time deposits and building-society shares. Investment and securities products, insurance products, commercial paper, managed funds, debentures, deposits held by another policyholder and Government of Jamaica deposits are not covered. Eligible foreign-currency deposits are covered, but payment is made in Jamaican dollars. Jamaican banks use several payment systems. The Automated Clearing House (ACH) processes cheques, direct debits, direct credits and deferred net settlement. MultiLink connects participating bank accounts for ABM and point-of-sale transactions. JamClear Real-Time Gross Settlement (RTGS) is a Bank of Jamaica system for large or time-critical payments from J$1,000,000; settlement is final and cannot be reversed after completion. Payment service providers (PSPs) offer BOJ-authorised electronic retail payment instruments and transfers. Authorised wallet and prepaid services include MyCash, Lynk, JN Pay Wallet, GK One and LASCO GOLD. Debit and credit cards can be used at ABMs, points of sale and online. Dual-currency cards can hold Jamaican dollars and foreign currency and charge the relevant account directly. Online banking lets customers view balances and make or receive transfers and other payments. JAM-DEX is a Bank of Jamaica-issued Jamaican-dollar central bank digital currency held in a wallet, not a bank account. It does not pay interest, operates continuously, is provided through wallet providers and is intended for domestic Jamaican-dollar use. JAM-DEX is not covered by JDIC deposit insurance, although BOJ rules provide protection if a wallet provider fails. A customer should first use the bank's internal complaint procedure. If the matter remains unresolved, the customer can approach the BOJ's Office of Consumer Complaints (OCC). A complaint should be acknowledged within at least five business days, and the institution should provide a final response within no more than 45 business days unless it explains an exception. Complaint records must be retained for 15 years. Bank account and contract information is confidential under the Banking Services Act. Common security risks include phishing, smishing, vishing, card fraud and internet-banking fraud. Use only official bank or payment-provider channels, never share passwords or one-time passwords, and report a suspicious transaction to the DTI immediately. Banking services should be distinguished from investments, insurance, remittances, foreign-exchange services, microcredit and debt advice because those products can have different providers, protections and risks.