Jackson wants the BOJ to follow Barbados Central Bank

The decision comes amid public backlash against the imposition of new banking fees charged by commercial banks operating in the Caribbean island.

In a statement issued to the press, the Central Banks of Barbados stated: “On January 2, 2024, the Bank issued a circular to commercial banks advising them that fees are not to be charged on these transactions and that any fees that are currently being charged should be discontinued immediately.

“The Bank notes that under the National Payments System Act (NPSA) 2021-1, it has responsibility for the oversight of the national payments systems and is issuing this directive based on this authority.”

The swift and decisive response by the Barbados banking regulator has caught the attention of Fitz Jackson, Member of Parliament of St Catherine Southern in Jamaica.

Mr Jackson has been leading, arguably singlehandedly, a crusade against commercial banks in Jamaica, calling for a fearer and more equitable delivery service in relation to transaction fees and customer care.

Like the Central Bank of Barbados, the Bank of Jamaica (BOJ) is armed with similar powers and should adopt the position of its counterpart in Barbados and move to protect account holders, Jackson argued.

Speaking on Radio Jamaica, Jackson said: "I thought to do it in the Parliament through legislation because of the ineptness of the BOJ to make such initiation. If they would do it without legislation, that would be welcomed. They are not doing their job in protecting the consumers in this country, and since we are the elected representatives of the people, we have to use the power that they gave us to protect their interests and that's what is being sought through the bill that has been tabled for all Members of Parliament to pass.”

For many years Jackson has been agitating in the House of Representative for commercial banks to reduce their high banking fees.

Only last month the veteran politician moved a resolution in Parliament demanding an investigation into how numerous account holders have been experiencing losses nearing J$1 billion.