According to Governor-General Sir Kenneth Hall, a building society plays an important role in building a national framework for development because of the positive impact of home ownership on different spheres of society.

Speaking to board members and executives of the Jamaica National Building Society (JNBS) on Friday, the Governor-General pointed out that the financial institution was "contributing to the social and economic stability of Jamaica by enhancing the quality of life for our citizens through home acquisition." This, he said, creates a legacy for families to pass on to future generations.

Sir Kenneth noted that more Jamaicans were purchasing homes, housing solutions were still inadequate since developments had not increased at a pace that matched the changes in the economy. He said that partnerships, such as the collaboration between JNBS and the National Housing Trust, would increase home ownership. He challenged the institution to develop avenues to stimulate the expansion of affordable housing solutions in Jamaica.

He also commended JNBS for maintaining its international presence, noting that it was providing Jamaicans living overseas with a critical avenue for investing in their homeland.

Services offered

"The services offered enable Jamaicans in the diaspora to identify with the nation state. The money transfer facilitates foreign exchange, and the funds being returned are used to build the nation," said Sir Kenneth.

Earl Jarrett, JNBS general manager, pointed out that because JNBS was a consolidation of several parish-based building societies, the organisation is also firmly rooted at the community level, and strategically directed to make significant contributions to national development.

Addressing employees at the Constant Spring head office, Sir Kenneth commended JNBS on its focus on corporate social responsibility and its contribution to signature projects such as the Governor-General's Awards for Excellence.

Growth

Mr. Jarrett guided Sir Kenneth and Lady Rheima on a tour of the Half-Way-Tree branch, where they chatted with members conducting business in the banking hall, including two successful small-business entrepreneurs and JN Small-Business Loans (JNSBL) clients, Pauline Smith Campbell and Rose Cephas.

With help from the JNSBL, Mrs. Smith Campbell has grown her business from a small grocery shop to a large wholesale, while Mrs. Cephas expanded her beauty shop to include spa services and the sale of beauty products.

"These ladies are among thousands of female entrepreneurs who account for 74 per cent of the JNSBL loan portfolio, which has a client base of more than 13,000 persons," Frank Whylie, general manager of JNSBL, briefed the Governor-General.

"Small businesses such as yours contribute significantly to Jamaica's economic stability," said Sir Kenneth in applauding the women.

The Governor-General presented Mr. Jarrett with a certificate of appreciation, highlighting the visit as part of the 'Production Sector Tour 2007'.