NICO Carridice, co-founder and CEO of financial technology company Tarpa Corporation Limited, is calling on microfinancing institutions (MFIs) to “get in line” and prepare to become licensed and regulated entities in time for the implementation of The Microcredit Act, 2021.
In an interview with JIS News, he said that entities must do away with the ridiculous interest rates and underhanded deals to benefit the companies, their customers, and the country in the long run.
The Microcredit Act, which was passed in January of this year, seeks to regulate and license MFIs that offer financial services to individuals and micro-, small-, and medium-sized enterprises (MSMEs).
It will be implemented in July of this year, but institutions will have a 12-month transitionary period to submit their applications for licensing to the Bank of Jamaica.
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