The Fair Trading Commission (FTC) has completed its assessment of Bank Account Portability (BAP) as a potential policy tool to strengthen competition within Jamaica’s banking sector. The study argues that by significantly reducing the high switching costs that currently “lock in” customers, BAP can empower consumers while incentivising banks to compete more aggressively on price and service quality, drive innovation, and ultimately lead to a more efficient and dynamic financial sector. It draws on international case studies to highlight both progress and challenges. These examples collectively illustrate that while the benefits of BAP are clear, achieving full portability is a complex, system-level challenge.
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