With the adoption of more digital channels, experts in technology and the business sector are of the view that more businesses and persons will be forced to enter the formal economy.

“The coronavirus pandemic has pushed more people online to use digital channels, which have been available through financial institutions,” informed Dmitri Dawkins, commercial director at MC Systems, the technology company of The Jamaica National Group.

“Jamaica’s Gross Domestic Product (GDP) has been understated for years, where some sectors are informal, as there is no way of tracking their transactions completed with cash. However, as more people use digital channels, what happens is that we now have more data points and they will help us to better map our economy and improve our planning from an education and workforce development standpoint,” he noted.

Larry Watson, chief executive officer of the Jamaica Chamber of Commerce (JCC), in concurring with Dawkins said that a combination of factors hinge on the expansion of the formal economy.

“One of the problems is the requirements for persons to get a bank account and that is a big part of the National Identification System (NIDS), where everyone can get an identification and, therefore, it would be easier to open a bank account,” he argued.

http://jamaica-gleaner.com/article/business/20210224/advertorial-digitalisation-financial-services-will-bring-more-people