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Jamaica’s financial sector is sound, secure, says banker Tugwell Henry
President and CEO of Scotiabank Jamaica Ms. Audrey Tugwell Henry rates the “maturity and depth of the Jamaican financial sector and market” as one of the most significant achievements of the small island nation since gaining Independence in 1962.
She highlights the country’s good mix of financial institutions in the form of local, regional and international commercial banks, building societies, credit unions, finance companies, insurance companies and investment houses.
“The strength and chief hallmark of our sector is that we are highly regulated,” Tugwell Henry explains to Impacting Jamaica host Byron Buckley. “We have allowed the Jamaican consumers and businesses to play seamlessly in a global space,” she adds, pointing to the array of tools available to conduct commercial and financial transactions.
Tugwell Henry, a career banker, points to the urgent need for sustained human capital development. This is evident, she says, in low matriculation to post-secondary institutions, inadequate numbers of people trained in higher-order skills, and high levels of crime – of which hamper the sustained high level of GDP growth. She advocates the forging of a strong public-private partnership to ramp up the nation’s human capital.