Jul 2016 Financial News

NCB partners with JMA for co-branded credit card

Jul 18, 2016

More than 400 micro, small and medium-sized enterprises (MSMEs) are set to benefit from an exclusive business solution designed by the National Commercial Bank (NCB) to comprehensively meet their financing needs, while providing cost saving and other benefits to Jamaica Manufacturers’ Association (JMA) members.

The partnership, between NCB and the JMA was launched last Tuesday at the JMA’s Duke Street office in Kingston, according to a company news release.

“Included in the business solution package is a payment solution through the co-branded business credit card, JMA NCB Business Edge; a $2 billion loan facility exclusively available for JMA members; collection solutions with Point of Sale (POS) terminals and eCommerce assistance; access to special loans/investment accounts and life and general insurance options. These opportunities come with reduced fees, waived service charges, discounts and access to free services,” Claudette Rodriquez assistant general nanager of the Payment Services Unit at NCB said.

Coupled with this, JMA members will additionally have access to pension fund management services, joint marketing and promotions, training and development opportunities as well as product development support.

JMA’s President Metry Seaga said the loan facility further demonstrates the JMA’s commitment to collaboration and partnerships so that the manufacturing sector can fully realise its productive potential.

He added that a robust manufacturing sector is crucial to building a better Jamaica, Seaga mentioned that on average, manufacturing contributes $24.2 billion per year in taxes or 12.9 per cent to the overall government tax revenue.

“The sector in 2015 expanded by 3.1 per cent, contributed 8.6 per cent to Gross Domestic Product and increased employment to approximately 73,000 individuals,” he said.

“Prioritising manufacturing development is therefore critical for promoting inclusive economic growth,” he added.

NCB first partnered with the JMA in 2004 for the national Buy Jamaican, Build Jamaica campaign.

Source:
Jamaica Observer
Sunday July 17, 2016

http://www.jamaicaobserver.com/business/NCB-partners-with-JMA-for-co-branded-credit-card_67292