Jamaica Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in jamaica, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment 

Letters of credit are a common method of payment in Jamaica. Prior to the establishment of a solid business relationship, upfront payment might be a prudent option, although many Jamaicans prefer credit terms. Once a good business relationship has been formed, companies in good standing may move towards trading on an open account. In 2010, the Parliament of Jamaica approved the Credit Reporting Act which allows the sharing of credit information between specified bodies, the licensing of credit bureaus and for connected matters.  In March 2012, the government approved and granted a license to EveryData Jamaica Limited (formally Creditinfo Jamaica), the country’s first credit bureau. A second credit reporting agency CRIF Information Bureau Jamaica Limited subsequently received a license. There is also a regional entity, Caribbean Information and Credit Ratings Services Limited (CariCRIS), formed in 2004. Occasionally, U.S. firms register trade complaints for non-payment by local buyers. 

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide. 

Licensed Credit Bureaus

EveryData Jamaica Limited (Formerly Creditinfo Jamaica)

9th Floor, The Towers

25 Dominica Drive

Kingston 5

Website: https://jm.everydata.com/

Email: jm.customerservice@everydata.com

Tel: + (876) 633 7023


CRIF Information Bureau Jamaica Limited
Suite 64, Winchester Business Centre
15 Hope Road, Kingston 10
Tel: FLOW (876) 906 -8680; 926 -7196
Tel: DIGICEL (876) 618 -1515; 618 -1569; 618 -1641
Fax: (876) 926 -2387
Website: www.crif.com.jm
Email: customerservice.jm@crif.com


Banking Systems

Financial Institutions in Jamaica provide a wide range of personal and business services, including corporate banking. In recent years, banks have been encouraging customers to migrate to internet banking platforms. Some credit cards issued by local banks are for use in Jamaica only, but international credit cards have grown in importance. The Bank of Jamaica (central bank) regulates deposit-taking institutions, money services businesses (e.g., cambios and remittance companies), and credit reporting agencies. According to the central bank, credit unions are designated by the Ministry of Finance as “specified financial institutions” under the Bank of Jamaica Act, enabling the central bank to obtain information on their operations. Regulations to establish a formal supervisory framework for these entities are being finalized. The Financial Services Commission (FSC) regulates insurance companies, securities firms/dealers, unit trusts, private pension funds, and mutual funds. 

Following a crisis in the financial sector in the 1990s, the GOJ increased the prudential and supervisory powers of the central bank by passing the Financial Institutions Act and the Banking Act. Amendments were also made to the regulations governing Building Societies. A Banking Services Act passed in 2013 aimed to consolidate regulations. Credit Unions are now designated as ‘specified financial institutions’ under the Bank of Jamaica Act, bringing them under the supervision of the central bank. The Jamaica Deposit Insurance Corporation (JDIC) and a FSC were introduced to protect depositors and regulate institutions and brokers outside the scope of the Central Bank’s oversight. These adjustments have brought the regulatory standards governing the financial sector up to international standards and should therefore aid, rather than impede, businesses.

Foreign Exchange Controls

Since liberalization of the financial and capital accounts in the 1990s, foreign exchange controls have been removed, but the central bank still regulates activities in the foreign exchange market. In 2017 the central bank, with technical assistance from the International Monetary Fund, introduced a new tool called the BOJ Foreign Exchange Intervention and Trading Toll (B-FXITT) to improve the central bank’s interaction with authorized dealers (ADs) and cambios for buying and selling foreign exchange thus improving the overall foreign exchange operations. According to the central bank, the implementation of B-FXITT is part of its strategy to enhance efficiency and transparency of the foreign exchange market to provide greater assurance about the availability of supplies. Foreign currency can be accessed through a network of authorized foreign exchange dealers, cambios, and bureaux de change at market-determined rates. 

U.S. Banks and Local Correspondent Banks

At the end of 2024, there were 11 supervised deposit-taking institutions consisting of 8 commercial banks, 1 merchant bank (Licensed under the Financial Institutions Act) and 2 building societies. The number of credit unions shrank from 47 at the end of 2009 to 24 at the end of 2024. Three of the country’s eight commercial banks are foreign owned; these include The Bank of Nova Scotia Jamaica Limited, Citibank, N.A. and First Caribbean International Bank (Jamaica) Limited.
Citigroup operates in Jamaica, but it does not offer retail-banking services. The Jamaica National Building Society and Victoria Mutual Building Society are Jamaican financial institutions with offices in the United States. All Jamaican commercial banks have correspondent U.S. banking arrangements.
For additional information, visit the U.S. Department of State Investment Climate Statements.

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Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

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