JMMB Group Launches Unsecured Consumer Lending Business in Trinidad & Tobago
The JMMB Group operations in Trinidad and Tobago, on September 12, launched the newest addition to the JMMB family, JMMB Express Finance (T&T) Limited. Through this subsidary, the JMMB Group will be able to provide a consumer financing solution predicated on financial inclusion, a fair price and a quick response.
In delivering his inaugural remarks, during the launch event, CEO of JMMB Express Finance, Elson James, highlighted that the new business’ key differentiaiting factors was built on improving the financial circumstances of clients. While the JMMB Express Finance’s promise is to deliver competitive unsecured loans, the main goal of the subsidary is to break the cycle of debt that clients experience. In explaining, he said, “We intend to drive greater financial inclusion in two ways; firstly, by encouraging clients to refinance higher (interest rate) debt and (placing) the monthly savings in either a JMMB Bank deposit account or a mutual fund at JMMB Investments; so that, at the end of your loan term, you would not only have paid off your loan, but you would also have a little nest egg (towards your other goals).” He also noted the importance of having a credit score to both securing a loan and attracting lower repayment rates, based on a more favourable credit score. “(Through JMMB Express Finance)…you will have (the opportunity to) build your credit score, thereby allowing you to not only get a lower cost loan, but also allowing you easier access to our other JMMB business lines, to the larger loans to help you purchase your car or buy that house you’ve been dreaming of.”
Application Process
Individuals can access up to TT$40,000 with a repayment period of three years, from JMMB Express Finance. The application process is faster and repayment is made convenient with Express Finance, as clients can make loan payments using several options such as via Sure Pay, a Trinindad-based payment centre, JMMB Bank (T&T) and JMMB Express Finance locations.
Also speaking at the launch, the JMMB Group’s chairman, Archibald Campbell, gave insight into the importance of JMMB Express Finance, to the financial landscape of Trinidad and Tobago. He noted that World Bank statistics show that while approximately 75% of that (T&T) population, over the age of 15, have a bank account; only an estimated 34% of the population, over the age of 18, are considered to be financially literate. Additionally, approximately 58% of persons, over the age of 15, have indicated that they have been unable to save any money over the past year; and only 8.4% of the over 15 populace has ever borrowed from a licensed financial institution. Campbell explained, “coming out of those statistics, the conclusion, to us, was clear; more persons need to be both brought into, and included in, the formal financial sector.” He further concluded that more people are in dire need of being personally-empowered, through financial education. “Guided by the ambitious dream of our co-founders, Dr. Noel Lyon and (the late) Joan Duncan, JMMB has taken on the mandate of broadening the net of financial inclusion, in Trinidad and Tobago, with the roll-out of our first branch of JMMB Express Finance,” he said.
Expansion Plans
Directly following the official ribbon-cutting ceremony invitees and media were given a tour of the new facility, located at 86 Ramsaran Street, Chaguanas, Trinidad. The company is already eyeing establishing another location in Port-of-Spain and/or San Fernando, in the near future. With plans afoot to launch the JMMB Express Finance model elswhere in the region in the next financial year.