Kris An Charles Investments Company Limited has been licensed under the Microcredit Act, 2021 on October 31, 2022, marking a significant milestone for the company which is during celebrating its 30th Anniversary.
The Microcredit Act, passed in January 2021, seeks to regulate organizations that offer financial assistance to individuals and micro, small, and medium-sized businesses (MSMEs). The Act aims to ensure the protection of consumers from excessive lending rates and unfair lending practices, facilitate the development of the sector and minimize the likelihood that the microcredit sector is used to facilitate money laundering and terrorist financing.
It is a monumental moment for the leading microcredit institution, Kris An Charles Investments Company Limited, which has been named among five institutions to receive their licence under the Act. “These organisations are the first of more than 100 applicants to have achieved this milestone,” the BOJ said in a news release.
Kris An Charles Investments Company Limited’s founder and Chief Executive Officer, Trevor Hutchinson, noted in his remarks on the accomplishment that, 30 years ago, he could not have imagined how many thousands of customers would have been assisted in achieving their goals, and that today the company would be a licensed financial institution. “Our goal then was to make sure we could afford to provide our children with a good education while helping others to achieve their goals including educating themselves and their children. Thanks to the loans and grants offered by the company, thousands of children have been able to complete primary, secondary and tertiary education. With our options for personal loans, home renovation loans, and loans for medical expenses, among others, Kris An Charles has positively impacted the lives of Jamaicans in many different ways and this has brought us tremendous satisfaction over the years.”
The company’s Chairman, Mr. James McNish noted that its clients, community, staff and Board Members are elated about this significant achievement. In commenting on it he said, “This accomplishment will serve as additional wind in our sail as we seek to explore and discover new possibilities and opportunities for our clients and company by offering the best service and products within the microcredit industry”.
“This is a proud moment in our lives, and we thank our entire team, our customers and other stakeholders who have been with us over the years for helping us be where we are today. The Kris An Charles team is eager to continue working with Jamaicans and aid whenever it is possible as we move forward on our journey,” said Mr. Hutchinson.