JA-M1031 : 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.