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The Government is giving away $2500 to the first 100,000 people who open low ‘KYC accounts’ after April 1. But what are KYC accounts and which banks have them?

KYC stands for Know Your Customers requirements. Most financial institutions have KYC requirements in order to meet Government and international banking regulations.

However, these requirements can make the process of opening a bank account difficult and sometimes impossible for some people.

To bring more people into the formal banking system, the Government passed legislation which gave banks the ability to have customers open accounts with low KYC requirements.

KRM has compiled a list of all Jamaican banks that have low accounts, their benefits and their restrictions.

2026-10-01T19:11:18-05:00
The Bottom Line: BOJ raises interest rates to 6%

BOJ Raises Interest Rates to 6%. What Does It Mean for You?

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Get the Caribbean Money Book: caribbeanmoneybook.com The Bank of Jamaica just raised intrest rates to 6%, and at a time where inflation is already above target, this could add even more pressure to everyone's pockets. When the central bank raises rates, commercial banks often follow suit, raising rates for loans. For people who are looking to borrow money, or those who already have variable rates, this could mean higher costs to borrowing. What's hitting your pocket harder?

2026-10-01T18:21:13-05:00
The Bottom Line: Scotia increases its offer to minority shareholders

Scotia Raises Its Offer to $75 Per Share. Is It Enough?

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Learn how to invest: https://www.moneymissionja.com/investing-for-beginners ScotiaBank just raised their offer to minority shareholders to $75 to take Scotia Jamaica private. Scotia Jamaica is one of the biggest companies on the Jamaica Stock Exchange so a buyout of this magnitude would mean major changes to the JSE. But is $75 enough to miss out on potential future dividends and other earnings?