NIDS ID To Become Singular Identification Needed to Open Bank Accounts
‘We are on the way to making processes more efficient’ – PM Holness
Prime Minister Andrew Holness today (June 3, 2022) signed a Memorandum of Understanding (MOU) with deposit-taking institutions for the National Identification System (NIDS) to become the singular identity verification and authentication service.
Speaking at the signing ceremony, the Prime Minister said, “This is important in establishing a seamless, robust, integral and efficient National Identification System. We are moving ahead in parallel with the system of digital transfer through the Central Bank with the digital central bank currency so that eventually all our payments, all our social support payments including PATH payments and eventually salaries for the public sector, will be going through our digital system.”
In this regard, Prime Minister Holness also noted that the MOU, will bring significant benefits to the Jamaican people including reduced bank charges and using only one form of identification when doing transactions or opening accounts.
The Prime Minister also asserted that it is important that the banks “ensure that the promise of digitization does result in a reduced banking cost to the average citizen.”
Prime Minister Holness continued: “We are doing our part by providing the NIDS to reduce your cost of verification of identity, give some reflection of that to our banking customers, to our citizens.”
Additionally, the Prime Minister, said banks should ensure that the ID is fully utilized. He noted that among the clauses in the MOU, is that, once a person visits a bank with the NIDS card, the bank should not require any other form of identification from citizens for the purposes of identity verification.
In the meantime, Prime Minister Holness noted that now, more than ever, Jamaicans must embrace technology as, among other things, the avenue for providing more efficient services.