Business

JMMB launches unsecured lending business in Trinidad & Tobago

Thursday, September 20, 2018

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JMMB Group has rolled out its first consumer financing solution business, JMMB Express Finance Limited, in Trinidad and Tobago, with hopes of increasing its market share through competitive pricing and quick response.

The business was launched last Wednesday at 86 Ramsaran Street, Chaguanas. What's more, JMMB is already eyeing the establishment of another location in Port of Spain and/or San Fernando, and also hopes to launch the JMMB Express Finance model elsewhere in the region over the next financial year.

CEO of JMMB Express Finance Elson James, in delivering his inaugural remarks, reasoned that the financial institution is keen on breaking the cycle of debt in Trinidad and Tobago. He reckons that JMMB Express Finance (T&T) Limited, will deliver on that goal from its ability to provide unsecured loans at competitive interest rates.

According to James, JMMB will drive greater financial inclusion in the country by encouraging clients to refinance higher interest rate debts while concurrently saving towards short-and long-term goals.

“At the end of your loan term, you would not only have paid off your loan, but you would also have a little savings,” the company said in press release. “Additionally, through JMMB Express Finance you will have the opportunity to build your credit score, thereby allowing you to not only get a lower cost loan, but easier access to the JMMB business lines.”

The financial institution has made available loans of up to TT$40,000 with a repayment period of three years through JMMB Express Finance. According to World Bank statistics, while approximately 75 per cent of that (T&T) population, over the age of 15, have a bank account; only an estimated 34 per cent of the population, over the age of 18, are considered to be financially literate.

Additionally, approximately 58 per cent of persons, over the age of 15, have indicated that they have been unable to save any money over the past year; and only 8.4 per cent of the over 15 populace has ever borrowed from a licensed financial institution.

“Coming out of those statistics the conclusion to us was clear, more persons need to be both brought into and included in the formal financial sector,” said JMMB Group's chairman Archibald Campbell. He concluded that more people are in need of being personally empowered, through financial education.

“Guided by the ambitious dream of our co-founders, Dr Noel Lyon and the late Joan Duncan, JMMB has taken on the mandate of broadening the net of financial inclusion in Trinidad and Tobago,” he said.

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