Caribbean Assurance Brokers Limited advises of the resignation of Ms. Renee Edwards, Chief Financial Officer (CFO), effective December 12, 2024. Ms. Sheba Grant, the Chief Accountant, will now oversee the company’s financial operations.

Wigton Energy Limited (“WIG”) has advised that Dr. Wayne McKenzie, OD has been appointed an independent, non-executive Director on WIG’s Board of Directors effective December 16, 2024.

The Board of Directors of Seprod Limited is pleased to announce the appointment of Mr. A. Mark Hart to the Board effective November 27, 2024. Mr. Hart is the founder of Caribbean Producers (Jamaica) Limited and has served in the roles of Chief Executive Officer and Executive Chairman.

NCB Financial Group Limited (NCBFG) is pleased to announce that Mr Richard Look Kin will be appointed as Head of Group Risk Management for NCBFG and National Commercial Bank Jamaica Limited (NCBJ), effective December 4, 2024. Mr Look Kin replaces Ms Allison Wynter, Group Chief Risk Officer – NCBFG and Chief Risk Officer – NCBJ. Ms Wynter will continue to provide support through a transition period. Mr Look Kin has over two decades of experience in the financial services sector across the Caribbean including enterprise risk management, investment management and corporate and investment banking.

Dave Morrison has been appointed CEO of Advantage General Insurance Company Limited (AGIC). This became effective on December 1, 2024.
President & CEO of Sagicor Group Jamaica Limited and Chairman of AGIC, Christopher Zacca, says Mr. Morrison “comes with a keen vision to build on the strong legacy Advantage General has established over the years.

Scotia Group Jamaica Limited was recently assessed by the Bank of Jamaica and was awarded a license to operate, as a Financial Holding Company effective July 24, 2024;
Appointments:

➢ Anya Schnoor, Chair Scotia Group Jamaica Limited has been appointed to a new role, Executive Vice President, Global Insurance effective November 1, 2024. With this appointment Anya will provide strategic direction and oversight responsibilities to the Insurance Business within International Banking.

➢ Perrin Gayle, SVP Retail & Small Business has been appointed Acting Head of Retail Banking, Caribbean and Central America (CCA) effective November 1, 2024. With this expanded mandate Perrin will manage the execution of regional segment strategies and design in local markets with focus on client experience. He will also have oversight of the local market product platforms and digital performance, including overall accountability for performance measurement and salesforce compensation.

➢ Sabrina Cooper, SVP Wealth Management and CEO Scotia Investments Jamaica Limited has been appointed Regional Director, Brokerage, CCA, effective September 2, 2024. With this expanded role Sabrina will continue to lead the Wealth business in Jamaica and oversee accountability for offshore brokerage implementation within the Caribbean & Central America

➢ Debra Lopez-Spence, President Scotia Jamaica Life Insurance Company Limited has been appointed Regional Head Insurance, North & Central Region effective November 25, 2024. With this expanded mandate, Debra will also be responsible for providing strategic direction, leadership and oversight for the growth and profitability of the wider Caribbean Insurance business to support the strategic goals of Scotiabank’s Global Insurance business. Specifically, Debra will now oversee the markets within Caribbean North and Central, which includes Jamaica, Cayman, Turks & Caicos and Bahamas.

“Debit and credit cards are the preferred digital payment method in Jamaica, with over 34 per cent of those surveyed using them for in-store purchases, and 57 per cent for online purchases. Digital wallets follow (particularly bank wallets) with 15 per cent of Jamaicans preferring to use digital wallets to pay in-store, and 23 per cent to pay online, indicating a clear advance in financial digitalisation and the adoption of new digital payment methods,” Mastercard said in its report on the findings.”

Jamaica is at a pivotal moment in its financial evolution. With debit and credit cards now the preferred methods for both in-store (34%) and online (57%) payments, the country is experiencing a remarkable shift towards digital payment solutions. Mastercard, one of the global leaders in digital payments, highlights this trend, noting a clear advance in financial digitalization, with a growing number of Jamaicans using digital wallets (bank wallets, in particular) for online and in-store transactions. The digital payment landscape is rapidly evolving, and businesses, banks, and fintech players are all pushing to further speed up this digital transformation across the island’s payment ecosystem.

As cash continues to dominate locally, recent reports show that debit cards, digital wallets, and online payment platforms are gaining significant traction. For example, 15% of Jamaicans use digital wallets for in-store purchases, with 23% utilizing them for online payments. Mastercard’s commitment to driving this transformation is evident, as the company seeks to bring more solutions to the Jamaican market, further reducing the reliance on cash and accelerating the transition to a cashless society.

A Brief History: Visa and Mastercard’s Influence in Jamaica

Both Visa and Mastercard have been integral to Jamaica’s digital payment ecosystem for decades, providing secure, reliable payment infrastructure to banks, businesses, and consumers. These payment giants played a critical role in introducing card payments to the country, and they continue to drive innovation by introducing new technologies, such as contactless payments, mobile wallets, and digital tokenization.

Visa and Mastercard have been investing heavily in Jamaica’s digital transformation, facilitating the adoption of more modern payment solutions through partnerships with local banks, government agencies, and fintech companies. Mastercard’s recent push to accelerate digital payments in Jamaica is part of a broader regional effort to modernize payments across the Caribbean. As the adoption of digital payment solutions increases, Visa and Mastercard’s continued leadership in the sector will be essential in shaping the future of Jamaica’s payment ecosystem.

The global payment networks benefit from their vast experience in building secure, scalable infrastructure for digital payments. They bring credibility to the digital wallet movement and offer robust fraud protection and global reach, factors crucial to the success of any new entrant in the market.

The Benefits of Digital Transformation for Jamaica’s Payment Ecosystem

The benefits of digital transformation for Jamaica’s payment ecosystem are far-reaching and could have profound implications for the country’s economy, businesses, and consumers:

1. Financial Inclusion: Digital payments offer an opportunity for greater financial inclusion, allowing unbanked or underbanked Jamaicans to participate in the formal financial system. Through mobile wallets and digital payment systems, individuals who lack access to traditional banking services can store money, make payments, and transfer funds with ease.
2. Improved Efficiency and Convenience: The digital transformation of Jamaica’s payment ecosystem will streamline transactions, reducing the need for cash handling, lowering transaction costs, and accelerating payment processes. For businesses, digital payments offer quicker, more secure ways to accept payments, leading to faster turnover and improved cash flow.
3. Boosting E-commerce: The rise of digital wallets and other digital payment systems enables greater participation in the e-commerce space. Consumers are increasingly shopping online, and businesses need to adapt by offering seamless and secure payment solutions. Digital wallets, in particular, make online shopping more convenient by storing payment information and offering one-click transactions.
4. Transparency and Security: With cashless payments, businesses and consumers benefit from greater transparency and traceability in financial transactions. Digital payment methods also reduce the risks associated with physical cash, such as theft or loss, and provide stronger fraud protection through encryption and tokenization.
5. Economic Growth: The widespread adoption of digital payments is a key driver of economic growth. A more efficient payment system facilitates cross-border transactions, encourages trade, and opens new business opportunities for small and medium-sized enterprises (SMEs).

Rising Competitors: The New Entrants in Jamaica’s Digital Wallet Space

While Visa and Mastercard continue to dominate, local players are emerging as key competitors in the digital wallet space. Financial institutions like NCB Financial Group, ScotiaBank, and CIBC are accelerating their own digital transformation, launching their own digital wallets and payment solutions.

1. NCB Financial Group: National Commercial Bank (NCB) is at the forefront of Jamaica’s digital wallet revolution. Through its NCB Digital Banking platform, the bank has launched its own mobile wallet, offering customers the ability to pay bills, transfer money, and purchase goods and services via mobile phones. NCB’s extensive customer base and widespread banking network position it as a formidable player in the digital wallet market.
2. ScotiaBank Group Jamaica: ScotiaBank has also embraced the shift toward digital payments with its Scotia ePay platform, which allows customers to send money, pay bills, and shop online securely. The bank has been actively promoting its mobile payment solutions and integrating them with its banking services to create a seamless user experience. As an established financial institution, ScotiaBank has the credibility and infrastructure to compete with the likes of Visa and Mastercard in the digital wallet space.
3. CIBC Caribbean Bank : CIBC has entered the Jamaican market with its CIBC  banking services and has quickly adapted to the digital payment wave. Its mobile payment offerings focus on providing a range of digital services, including bill payments, transfers, and online shopping capabilities. CIBC’s global presence and strong financial backing give it an edge in competing for market share in the digital wallet and payment solutions sector.

How New Entrants Could Effectively Compete in Jamaica’s Payment Ecosystem

As the digital wallet market grows in Jamaica, new entrants will need to leverage several strategies to effectively compete with Visa, Mastercard, and each other:

1. User-Centric Features: The success of digital wallets hinges on ease of use and customer adoption. New entrants should focus on offering user-friendly interfaces, seamless integrations with local merchants, and unique features like loyalty programs, rewards, and discounts to attract consumers.
2. Partnerships with Merchants: To build widespread acceptance, digital wallets must integrate with a broad range of merchants, both online and in-store. Collaborations with retailers, restaurants, and other businesses will be essential for driving adoption. Offering incentives for merchants to adopt digital payments could spur more widespread use.
3. Local Innovation: New entrants must understand the unique needs of the Jamaican market and tailor their solutions accordingly. Whether it’s offering micro-loans, facilitating remittances, or providing more accessible payment options for underserved populations, a localized approach will be crucial for success.
4. Security and Trust: With financial transactions, security is paramount. Digital wallets must ensure that they offer top-tier encryption, fraud protection, and data privacy standards. Educating customers about the security features of their platforms will help build trust and drive adoption.
5. Competitive Pricing: New entrants can attract users by offering competitive transaction fees and lower costs compared to traditional banking services. Offering incentives for digital wallet adoption, such as reduced fees for initial users or cash-back promotions, will be an effective way to drive early-stage adoption.

The Future: A Cashless Jamaica?

As more players enter the digital payments market and Jamaicans continue to embrace electronic transactions, the country’s payment ecosystem will become increasingly cashless. The competition among Visa, Mastercard, and local players like NCB, ScotiaBank, and CIBC will accelerate innovation, improve services, and drive further financial inclusion.

The government, too, has an important role to play in encouraging this transformation. Policies that support digital financial literacy, protect consumers, and promote secure digital infrastructure will be essential in ensuring the success of Jamaica’s digital transformation agenda.

In the coming years, Jamaica’s payment landscape will undoubtedly be shaped by the rise of digital wallets, making cash less and less relevant. For consumers, this shift offers convenience, security, and expanded financial opportunities. For businesses, it creates efficiencies and new growth avenues. And for the economy, it promises a more inclusive, secure, and modern financial ecosystem.

The cinema industry is grappling with an existential crisis. Globally, theatres are losing audiences to the allure of on-demand streaming platforms such as Netflix, Amazon Prime, and Disney+. These platforms, now competing directly with Hollywood studios, offer high-quality films featuring A-list talent, making it harder for traditional cinemas to sustain attendance.

Locally, Jamaica’s Palace Amusement Company exemplifies this struggle, recently reporting a one-third dip in attendance and significant losses. Yet, despite the dire headlines, opportunities for reinvention abound.

The Local Scene: Palace Amusement’s Struggles and Innovations

Palace Amusement faces the dual challenge of a global content drought and shifting viewer habits. The lingering impacts of Hollywood’s Screen Actors Guild and Writers Guild strikes exacerbated the situation, delaying blockbusters and leaving theatres to depend on weaker releases. Hits like Barbie and Mission: Impossible 7 in 2023 were followed by a lackluster 2024 lineup, with films like Joker 2 underperforming globally. As a result, Palace recorded a 33% decline in attendance during the first quarter of 2024, leading to a 20% revenue drop​.

To combat these challenges, Palace has taken steps such as introducing 4DX technology at its flagship Carib 5 cinema. This multi-sensory format—incorporating seat movements, water splashes, and other effects—has proven popular, driving higher occupancy rates for certain screenings. However, such innovations alone are not sufficient.

The Global Shift: Lessons from International Players

Around the world, cinema operators are diversifying their offerings and finding creative ways to fill theatre seats:

Alternative Content: Cinemas in Europe and the United States are increasingly showing live events such as concerts, sports matches, and theatrical performances. For example, AMC Theatres in the U.S. streams live concerts and offers gaming nights, turning theatres into multi-purpose venues.

Premium Experiences: Operators like Cineworld have shifted to offering luxurious seating, gourmet food options, and private screening packages, creating an upscale experience that streaming cannot replicate.

Local Content and Festivals: In countries like India and South Korea, cinemas rely on vibrant local film industries to draw audiences. By promoting Jamaican and Caribbean films through local festivals, Palace could engage regional audiences while reducing dependence on Hollywood.

Subscription Models: Subscription services like AMC Stubs A-List and Regal Unlimited allow audiences to see multiple films for a flat monthly fee, boosting attendance and stabilizing revenues.

Digital Engagement: Many cinemas now use robust loyalty apps, personalized recommendations, and gamification strategies to connect with patrons. Palace could enhance its app to drive engagement, offering discounts, virtual rewards, and early ticket access.
Strategies for Palace Amusement

Given the shifting landscape, Palace Amusement could adopt the following strategies to revitalize its business:

1. Diversify Offerings Beyond Films

Transform cinemas into multi-use entertainment hubs. Hosting live events, comedy shows, and esports tournaments can broaden audience appeal.

2. Expand Local Content Investment

Collaborating with Jamaican and Caribbean filmmakers to produce original content would not only support the local creative economy but also attract culturally invested audiences.

3. Enhance the Viewing Experience

Expand 4DX technology to additional locations while exploring other immersive technologies like VR cinema experiences.

4. Build Community Engagement

Cinemas can serve as cultural spaces, hosting film clubs, Q&A sessions with filmmakers, and themed events tied to movie releases.

5. Adopt Flexible Pricing

Dynamic pricing strategies—lower ticket prices during off-peak hours and premium pricing for blockbusters or special events—can maximize revenue.

6. Strengthen Online Presence

Leveraging social media and digital marketing to highlight new experiences and engage with younger audiences is critical. Integrating streaming partnerships, such as limited online releases of local films, could also diversify revenue streams.

The Path Forward: A Reinvented Cinema Experience

Despite challenges, there is optimism. Palace Amusement anticipates a stronger 2025, with a more robust lineup of films and continued financial stabilization through debt reduction strategies. Globally, the National Association of Theatre Owners projects a rebound for cinemas, particularly with the release of delayed blockbusters​.

To secure its place in a rapidly evolving industry, Palace must embrace innovation, diversify revenue streams, and reimagine the cinema as more than a place to watch films. It must become a hub for experiences that unite communities, celebrate culture, and deliver entertainment that streaming cannot replicate.

In the end, the future of cinemas lies not in resisting change but in embracing it—and leading audiences back to the magic of the big screen.

Jamaica’s trusted name in transportation, JUTA, is proud to announce the launch of JUTA Express, beginning service on December 15th, 2024. Offering a premium, non-stop travel experience, JUTA Express is set to revolutionize intercity transportation and same-day courier services in Jamaica.

Your Non-Stop Ride to Convenience
With four daily departures from Kingston, Sangster International Airport, and Mandeville, passengers can count on timely, uninterrupted service. Departure times are 6:00 AM, 8:00 AM, 4:00 PM, and 6:00 PM, ensuring flexibility and convenience.

JUTA Express guarantees the same renowned level of customer service and comfort that passengers have come to trust from JUTA over the years.

Same-Day Courier Service
In addition to passenger services, JUTA Express will offer courier services on all routes. With same-day pickup and delivery, customers can rely on swift and secure transportation of packages. Please note, no overnight storage is available. Unclaimed packages will incur heavy overnight fees, making same-day collection a must.

Book Easily with the InterMetroONE App
JUTA Express is designed with modern convenience in mind. All bookings and payments are processed through the InterMetroONE Customer App, available for download on both Google Play and the Apple App Store. Limited in-person bookings will be accommodated at the JUTA Kingston Office; however, the service is primarily cashless, accepting only credit and debit cards.

Looking Ahead to 2025
To meet the anticipated demand, JUTA Express will expand its routes in 2025, connecting even more of Jamaica’s key destinations.

Download the App Today and Book Your Seat!
Be among the first to experience the next generation of intercity travel and courier services with JUTA Express. Download the InterMetroONE Customer App today, secure your seat, and travel in comfort, safety, and style.

For more information, contact:
JUTA Express Customer Service
4 Lady Musgrave Road Kingston
jutaexpressone@gmail.com
Phone: (876) 927-4536

About JUTA
JUTA (Jamaica Union of Travellers Association) is Jamaica’s leading transportation provider, known for its unparalleled commitment to safety, reliability, and exceptional customer service.

As a leader, you recognize the importance of inspiring your team with a compelling vision. Yet, you may find that your company’s vision statement, despite its lofty aspirations, fails to inspire meaningful change. How can you craft and communicate a future that genuinely motivates your team to take action?

The Challenge of an Inherited Vision Statement

Imagine you’re a newly promoted CEO. Among the many responsibilities you’ve inherited is a vision statement. While it might look passable on paper, it has yet to inspire you, let alone your team, to embrace new behaviors or think differently.

It’s not that you lack vision yourself—after all, your success is built on envisioning possibilities and pursuing them. But translating that personal energy into an organizational vision that resonates with others is a different challenge altogether. Should you simply rewrite the vision statement, or is there a better way to achieve meaningful impact?

Here’s a fresh approach to this age-old leadership dilemma.

Understanding How Vision Truly Works

A powerful vision fundamentally transforms how we experience the present. Think about the difference between a Friday afternoon in the office and a Sunday afternoon. The former often feels better—not because of the immediate circumstances but because of our anticipation of the weekend. This sense of future anticipation changes how we perceive the present moment.

That’s the kind of shift you want to inspire in your stakeholders. You want them to feel energized by the future you’re describing, just as you are. The hallmark of success is when individuals take initiative, make sacrifices, and go beyond their job descriptions—not because they’re told to, but because they’re inspired to.

But here’s the hard truth: a traditional vision statement alone cannot deliver this kind of transformative impact.

Rethinking Vision: Introducing the Three Levels

Most organizations begin with what can be termed a “Level 1 Vision”: a concise, polished statement, often a few sentences or paragraphs, that attempts to summarize the future. However, these statements are frequently vague, generic, and uninspiring. They might sound nice but leave people either indifferent or skeptical. Some may even feel the statement describes what the organization has already achieved, rendering it irrelevant.

A better approach is to think of the Level 1 Vision as just the “headline” of a more detailed vision framework. Here’s how to expand it.

Building a Level 2 Vision

To create a meaningful vision at this level, gather your leadership team for an offsite retreat and focus on a specific long-term horizon—typically 15 to 30 years in the future. Work together to describe a vivid picture of what success looks like at that time. This Level 2 Vision goes beyond a brief statement; it provides several pages of detail, potentially including visuals, videos, or other media to bring the future to life.

The key here is collaboration. By involving your leadership team, you not only create a shared sense of ownership but also tap into a wider pool of creativity and ambition. A well-crafted Level 2 Vision should reflect the aspirations of your entire C-suite, energizing everyone involved.

However, many organizations stop at this stage. While the Level 2 Vision is more compelling than a simple statement, it often becomes an overwhelming list of aspirations. Without prioritization (and reduction), it risks becoming unrealistic, leading to cynicism rather than inspiration. Some employees may even dismiss it as “the CEO’s wish list.”

To avoid this pitfall, you must take the next step.

Evolving to a Level 3 Vision

The “Level 3 Vision” transforms lofty aspirations into a credible, actionable plan. This involves narrowing down the vision to a focused set of achievable targets supported by a strategic roadmap.

This process requires tough conversations. Your leadership team will need to negotiate priorities, confront trade-offs, and align on a clear path forward. Engaging a skilled facilitator can help ensure these discussions are productive and lead to consensus.

The outcome is a vision that stands apart from your competitors. A Level 3 Vision includes:

– Specific, measurable results: Clearly defined goals with tangible metrics.

– Milestones: Key achievements along the journey to the ultimate vision.

– A strategic pathway: A roadmap showing how to get from the present to the desired future.

– Team alignment: Full buy-in from your leadership team, ensuring commitment to execution.

With this, your vision evolves from an abstract dream into a realistic plan that inspires action.

Communicating Across the Three Levels

Once your Level 3 Vision is established, it’s crucial to communicate it effectively. Each level of vision—Level 1, Level 2, and Level 3—has a role to play depending on your audience and context.

For example, a Level 1 Vision offers a concise, memorable summary. Think of Vision 2030 Jamaica’s tagline: “…the place of choice to live, work, raise families and do business.” It’s short, evocative, and easy to recall.

A Level 2 Vision, on the other hand, provides more depth. Vision 2030 Jamaica expands on its tagline with four National Goals and 15 Outcomes, offering stakeholders a richer understanding of the country’s aspirations.

Finally, a Level 3 Vision delivers the detailed roadmap necessary to ensure credibility and guide execution.

By mastering these three levels, you can tailor your communication to inspire stakeholders while maintaining clarity and focus. Avoid the mistake of using the wrong level for the audience or situation, which can lead to confusion or disengagement.

Conclusion

Transforming vision statements into actionable, inspiring frameworks requires more than polished language. By embracing a three-level approach, you can align your team, inspire stakeholders, and chart a credible path to the future. Choose the right level of vision for the right moment, and you’ll not only communicate your aspirations—you’ll make them a reality.

Intrigued? Interested in more? Visit the JumpLeap Long-Term Strategy Podcast and Newsletter.

Francis Wade
Jump Long-Term Newsletter and Podcast
http://blog.fwconsulting.com, http://fwconsulting.com