[Original release date June 29, 2026]: The Financial Investigations Division (FID) has charged two men in connection with the alleged provision of microcredit services without a licence. This marks the first prosecution brought under the Microcredit Act since the legislation came into force.
Charged are Otis Williams and Nevin Forbes, both of Greater Portmore, St. Catherine, with providing a microcredit service without a licence, contrary to Section 9(1) of the Microcredit Act. The men are scheduled to appear in the Kingston & St. Andrew Parish Court on July 9, 2026.
The charges followed an operation on Thursday, June 25, 2026, conducted by the FID’s Constabulary Financial Unit with support from the Jamaica Constabulary Force’s St. Catherine South Division. Warrants under the Financial Investigations Division Act (FIDA) were executed at premises associated with both men, and several electronic devices, including laptops and cellular phones, were seized. Williams and Forbes were subsequently taken to the FID, where they were interviewed in the presence of their attorney before being charged.
Commenting on the matter, Dennis Chung, Chief Technical Director at the FID, described the prosecution as a significant milestone in financial sector enforcement: “This marks the first time persons are being prosecuted under the Microcredit Act. The FID views this as an important step in supporting lawful compliance within the financial sector and protecting the public from unlicensed financial services. The Division will continue to work with its law enforcement and regulatory partners to ensure that financial activity is conducted within the framework of the law.”
Under the Microcredit Act, individuals found guilty of operating without a licence face fines of up to J$1,000,000 or imprisonment of up to six months, while corporations may be fined up to J$2,000,000. The charges against Williams and Forbes are allegations and both men are presumed innocent unless and until proven guilty in a court of law.
The FID reminds the public that persons and entities offering microcredit services are required to hold the appropriate licence issued by the Bank of Jamaica (BOJ), which is responsible for the licensing, supervision, and general administration of entities under the Microcredit Act.
The public is encouraged to verify that any lender or financial service provider is properly authorised before transacting. A list of licensed microcredit institutions is available at the BOJ’s website:
https://boj.org.jm/core-functions/financial-system/microcredit-regulation/
The FID is intent on protecting the integrity of the Financial sector, and therefore urges all participants to ensure that they have the relevant license(s) and comply with all requirements under the law.