22 October 2016
Visit dh.com

Jamaica's underbanked to get mobile wallet with Mozido

04 September 2014  |  8041 views  |  0 Source: Mozido

Mozido, a global leader in mobile financial services and the Jamaica Cooperative Credit Union League (JCCUL), through its subsidiary Centralized Strategic Services Ltd (CSS), have partnered to create a mobile wallet, branded JCUES (Jamaica Credit Unions E-payment Services), that extends financial services to Jamaica's underbanked population.

Mozido's mobile financial services technology enabled JCCUL, which represents 42 credit unions serving over a third of the nation's consumers, to launch a stored-value account mobile wallet initiative that delivers banking options to Jamaica's estimated two million underbanked citizens, and also brings mobile payments and loyalty services to thousands of merchants. After a one-year initial phase, the Bank of Jamaica has approved phase two pilot of JCUES, now allowing any Jamaican to sign up, add money, and pay for goods and services without the need for a bank account. With the success of the JCUES mobile wallet, JCCUL will be able to reach a large demographic that has previously had extremely limited options for traditional financial services.

"Nearly 70 percent of Jamaica's population is underbanked, so the national availability of the JCUES mobile wallet will significantly transform the financial landscape of Jamaica, much like how M-Pesa revolutionized financial services for Kenyans," said Kavin Hewitt, CEO of Mozido Jamaica. "Any Jamaican citizen with an SMS-based mobile phone will be able to manage their own finances on their own terms without paying exorbitant fees."

Leveraging an infrastructure that already exists, the JCUES mobile wallet initiative is expected to flourish in Jamaica. Phase two of JCUES doubles the target market base in Jamaica, giving over two-million citizens the opportunity for full control over their finances, many for the first time ever. Mozido and JCCUL expect early adoption numbers of around 50,000 users by the end of this year, with exponential growth following the adoption curve over the next few years.

The JCUES mobile wallet will enable consumers not only to pay for goods and services easily, but also to gain access to traditional transactions, such as bill and loan payments, remittances, deposits and withdrawals. The JCUES mobile wallet relies on Mozido's MoTEAF® technology, a proven and tested architecture, which will ensure a continued smooth roll out throughout the entire nation.

Mozido's MoTEAF technology serves to benefit merchants as well as disrupting the traditional commerce model in Jamaica. Merchants, from an independent coffee stand or corner convenience store to a supermarket, will be able to better reach their consumers through low-cost, high-impact mobile loyalty and marketing programs tied to the existing JCUES mobile infrastructure.

"Mozido and JCCUL are working closely with the Bank of Jamaica to receive regulatory approval for each phase of the JCUES mobile wallet, and what we're doing is catching the attention of other nations," said Hewitt. "We're generating interest from countries that have regulations and pre-existing infrastructure all across the Caribbean and Latin America. This will be a game changer for underbanked markets across the world."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit capgemini.com

Top topics

Most viewed Most shared
The bank of the future will be invisible - KPMGThe bank of the future will be invisible -...
32754 views comments | 119 tweets | 219 linkedin
New EU rules could cost UK firms £122bn in cybersecurity fines - PCI SSCNew EU rules could cost UK firms £122...
10652 views comments | 31 tweets | 37 linkedin
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8427 views comments | 26 tweets | 19 linkedin
ING takes fintech startup route to UK relaunchING takes fintech startup route to UK rela...
6875 views comments | 29 tweets | 21 linkedin
Thinking Capital launches AI-powered chatbotThinking Capital launches AI-powered chatb...
6492 views comments | 12 tweets | 8 linkedin

Featured job

Find your next job