Promoting Financial Inclusion in Jamaica through Mobile Money for Microfinance
This project will pilot and facilitate the scaling of M3 (Mobile Money for Microfinance), being spearheaded by the Development Bank of Jamaica (DBJ) in partnership with Transcel and the National Commercial Bank (NCB). This pilot is the first project of its kind in Jamaica and the English-speaking Caribbean, and is being carried out with the Bank of Jamaica's (BoJ) approval.
The M3 platform will make it easier and less costly for micro-entrepreneurs to conduct financial transactions. Individual accounts will also be linked to a debit card so that clients can conveniently access ATMs and pay for in-store purchases. Financial transactions will be more convenient since mobile banking users can do them from any location and at any time.

Project Detail

Country

Jamaica

Project Number

JA-M1031

Approval Date

September 3, 2014

Project Status

Closed

Project Type

Technical Cooperation

Sector

FINANCIAL MARKETS

Subsector

FINANCIAL INCLUSION

Lending Instrument

Multilateral Investment Fund Instrument

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental and Social Impact Category (ESIC)

Category C: Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 1,212,615.00

Country Counterpart Financing

USD 680,200.00

Original Amount Approved

USD 532,415.00
Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/ME-14598-JA Non-Sovereign Guaranteed USD - United States Dollar Multilateral Investment Fund II (MIF) - Nonreimbursable
Operation Number ATN/ME-14598-JA
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Multilateral Investment Fund II (MIF) -
  • Financial Instrument: Nonreimbursable

Can’t find a document? Request information

 Implementation Phase
https://www.iadb.org/document.cfm?id=EZSHARE-585949070-2547
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-14598-JA [40853541].PDF
Feb. 23, 2017
English
https://www.iadb.org/document.cfm?id=EZSHARE-585949070-2503
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-14598-JA [40849018].PDF
Feb. 15, 2017
English
https://www.iadb.org/document.cfm?id=EZSHARE-585949070-2518
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-14598-JA [40849674].PDF
Feb. 15, 2017
English
https://www.iadb.org/document.cfm?id=EZSHARE-585949070-32624
Donors Memorandum
JA_M1031 Mobile Money for Microfinance M3 [38314936].PDF
Dec. 17, 2013
English
https://www.iadb.org/document.cfm?id=EZSHARE-1983553961-31945
Technical Cooperation Agreement
Promoting Financial Inclusion in Jamaica through Mobile Money for Microfinance (M3) [38894544].PDF
Feb. 24, 2015
English
https://www.iadb.org/document.cfm?id=EZSHARE-1983553961-31946
Technical Cooperation Agreement
Fomento de la Inclusión Financiera en Jamaica mediante Dinero Móvil para Microfinanzas [38894555].PDF
Feb. 24, 2015
Spanish
https://www.iadb.org/document.cfm?id=EZSHARE-220239377-3
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-14598-JA - Rep6331.pdf
Jun. 14, 2017
English
https://www.iadb.org/document.cfm?id=EZSHARE-220239377-4
Project Performance Monitoring Reports
MIF Project Status Report-6-2017-ATN_ME-14598-JA - Rep6631.pdf
Sep. 13, 2017
English
https://www.iadb.org/document.cfm?id=EZSHARE-220239377-5
Project Performance Monitoring Reports
MIF Project Status Report-12-2017-ATN_ME-14598-JA - Rep6961.pdf
Apr. 10, 2018
English

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