Alaric, a fraud prevention and payments company, has partnered with financial services provider Transcel to deliver mobile financial services to the unbanked in Jamaica.

The Development Bank of Jamaica (DBJ) project, dubbed M3 (mobile Money for Microfinance), will leverage approved microfinance institutions (MFIs) to allow consumers to carry out low-cost person-to-person mobile money transfers and payments.

Transcel will provide the MFIs with facilities to mobile-enable, streamline and integrate lending, borrowing and repayment processes, with Jamaica’s National Commercial Bank providing debit cards linked to M3 accounts – allowing customers to access their money through an ATM or merchant with a POS device.

Milverton Reynolds, managing director of the DBJ, said: "We are committed to bringing more citizens into the formal financial system."

He added: "This will pave the way for all parties to confidently embrace the convenience and cost-effectiveness of mobile financial services – with all the spin-off benefits to business, consumers and the economy as a whole."

Mike Alford, chief executive at Alaric, said the initiative incorporates learnings from other mobile money projects.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

He added: "Mobile phones have reached such a high level of penetration in Jamaica (115%) that they provide the perfect vehicle to gain access to financial services."

Jamaica’s large unbanked population has limited access to traditional financial service providers.

Related articles:

Alaric opens in-flight data analytics research centre in Rome