A new study conducted by think tank Caribbean Policy Research Institute, CaPRI, has revealed that the real cause of the slow crawl towards financial inclusion is largely due to banks’ disinterest in tailoring products to meet the needs of society’s most vulnerable.

The study titled Cheque In: Increasing Access to the Formal Financial System, found that such markets are not deemed profitable for financial institutions, particularly the larger players.

“Acquiring customers is costly; maintaining customers is costly,” said CaPRI Executive Director Dr Damien King.

https://jamaica-gleaner.com/article/business/20220130/new-push-open-banking