Businessuite News24
Third Digital Wallet Provider Expected to Enter the Jamaican Market Soon
A third digital payment wallet provider is expected to enter the market in the near future to facilitate transactions utilising Jamaica’s Central Bank Digital Currency (CBDC).
The prospective wallet provider is said to be on the verge of entering the Bank of Jamaica’s (BOJ’s) regulatory sandbox, which is a mechanism to facilitate financial technology innovations testing.
This was announced by BOJ Governor, Richard Byles, during the Central Bank’s quarterly monetary policy media briefing at the BOJ Auditorium in downtown Kingston recently.
Digital wallet electronic platforms offer payment solutions that facilitate transactions involving CBDC, a digital form of central bank-issued currency.
CBDC is legal tender that can be exchanged dollar for dollar with physical cash.
Jamaica’s CBDC is called JAM-DEX, which stands for Jamaica Digital Exchange.
“I’m happy to say that although we only have one institution that is currently offering JAM-DEX, and I must big up that institution, they have been doing so for more than a year now, and that is National Commercial Bank (NCB). There is another that is complete and ready to roll. They are just doing their testing internally and I expect that, shortly, they will come on board. There is another that is behind that is about to enter the sandbox,” Governor Byles said.
Lynk was the first wallet provider approved by the BOJ for CBDC transactions and is available through NCB.
Earlier this year, the BOJ announced Jamaica National as the second wallet provider for CBDC.
Mr. Byles described the facility’s development as an investment in the sector.
He noted that it “costs quite a bit of money” for commercial banks to develop their wallets.
“One of the largest expenses that a bank has, especially the large retail banks, is the management of cash. One of the biggest headaches that they have is the movement of cash, and one of the prospects of the digital currency is that it will reduce this cost and reduce this headache,” the Governor said.
He further pointed out, “One of the biggest expenses for most retail enterprise businesses is the handling of cash, the storage of it, the transportation of it.
“So even the business enterprises will benefit from the existence and usage of digital currency. So, there are long-term benefits to be reaped from this initial investment.”
“This is what I keep saying to the banks. I want to encourage them. This is an investment, not for tomorrow’s P&L (profit and loss). It is an investment to deliver better service in the near term as well as to improve your P&L in the medium term,” Mr. Byles added.
The Governor pointed out that smaller enterprises have been taking advantage of the digital currency as they serve their customers.
“Smaller merchants who don’t have Point of Sale (POS) machines and would have a cellphone, we are beginning and have had significant success in pushing out the programme to have them recruited to take JAM-DEX, and we have a significant number of them who are now in a position to do so.
We also have over 200,000 individuals who have the capacity on their phones to pay for services and goods with JAMDEX,” Mr. Byles said.
He advised that the Government is committed to supporting the Central Bank in its efforts to roll out JAM-DEX.
“In two consecutive budget presentations, the Minister of Finance [and the Public Service] has set aside funds to help us to recruit small merchants to JAM-DEX and to get the programme going. We are now speaking to other agencies of Government that handle taxes and make payments – whether It’s PATH payments or pension payments. So, we have a large player in the form of the Government that is proactively assisting us, as well as our own efforts to go out there and get these POS machines reconfigured, so that they can accept JAM-DEX QR codes,” the Governor informed.
He said once these machines are recalibrated, a mass campaign will be undertaken to encourage more persons to use the facility.
“It means that every supermarket, every fast-food enterprise, pharmacies, all of the kind of merchants that you and I go to several times and spend quite a bit of money with, they will be able to take JAM-DEX. At that point, we will start a big mass campaign to get individuals to take JAM-DEX on their phones and to begin to use it as currency,” he said.
Head of External Communications and Protocol, BOJ, Melanie Lawes, said the list of merchants accepting JAM-DEX is available on the Bank’s website.
JAM-DEX provides a safe, efficient, and convenient way to pay for goods and services, according to BOJ representatives.
By: CHRIS PATTERSON JIS
Businessuite News24
JA$2 Billion in Support to Jamaican MSMES
“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.
The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.
Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).
“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.
Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.
Approximately 1,136,240 persons are employed by MSMEs.
The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.
“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.
She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.
The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.
By: Donique Weston JIS
Businessuite News24
Jamaica Open For High-Value Agricultural Investments – Minister Green
“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.
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Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO
GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.
Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.
Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”
Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.
Lee-Anne Bruce
Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.
Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”
In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.
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