Credit unions seek wider MSME lending role as VM Financial lists preference shares on Jamaica Stock Exchange

Dalton E. Wignall, a former member of the Economic Program Oversight Committee and immediate past president of the MSME Alliance, has told RJR News that Jamaica's credit unions are now better equipped to widen financing for micro, small, and medium-sized enterprises.

Wignall said credit unions should take on a greater share of the Development Bank of Jamaica's approved financial institution programme, which channels concessionary loans to MSMEs at rates that often sit below those charged by commercial banks.

His comments follow a Bank of Jamaica decision granting credit unions direct access to the real-time gross settlement system within the automated clearing house network, allowing electronic transfers between financial institutions. Previously, credit unions and their members had to route processing and clearing through commercial banks, which lengthened transfer times.

The island's credit union movement now serves about one million members and holds assets exceeding J$218 billion.

On Wednesday, 10 June 2026, VM Financial Group Limited listed its 2026 preference shares on the Jamaica Stock Exchange—the first new listing on the exchange's private market for the year. The listing ceremony was held at the Jamaica Stock Exchange offices.

The offer closed on 31 March 2026 and raised approximately J$10 billion, surpassing its J$8.53 billion target by roughly 24%. It comprised four classes of shares with tenors ranging from three to ten years and fixed dividend yields between 9.25% and 10.5%. VM Financial said the proceeds will support continued growth, expansion, and strategic investment.

For the trading session of 16 June 2026, Everything's I Holding Jamaica Limited led activity with 13,287,000 units traded, representing 37.59% of market sales. Productive Business Solutions Limited US dollar ordinary shares recorded 5,813,958 units, or 16.45% of sales, while Fast Rich Company Limited moved 5,108,545 units, accounting for 14.45%. Trading remained concentrated in distribution-oriented names, reflecting sustained interest in dividend-producing and strategic holdings.

Foreign exchange activity on 16 June, based on Bank of Jamaica data, showed strong demand across major currencies. The US dollar sold at J$158.97 and was bought at J$157.05. The Canadian dollar sold at J$114.19 and was bought at J$112.39 on a J$1.80 transaction spread. The British pound sold at J$213.39 and was bought at J$211.59, also on a J$1.80 spread, with continued volatility offering short-term trading margins for banks. These movements underscore how cash flow timing and currency awareness matter for businesses managing import costs, debt servicing, or overseas exposure.