The Bank of Jamaica has denounced the increase in unauthorised persons offering loans and microcredit services across the island.
In a notice, the BOJ said the law requires all parties engaging in microcredit services or business as a microcredit institution to hold a licence.
Entities and individuals conducting business without a licence are liable to prosecution.
A microcredit business includes the granting of credit facilities to individuals or micro, small and medium enterprises.
The Microcredit Act took effect on July 30, 2021.
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