The Development Bank of Jamaica (DBJ) is now set to launch its much anticipated Mobile Money for Microfinance (M3) pilot project in collaboration with its technology partner, Transcel Limited, and other industry stakeholders.
As the Government of Jamaica’s designated lead agency responsible for developing microfinance, DBJ had included Mobile Money in its current strategic plan as one of its main interventions in this sector. Early reports from Mobile Money implementations in Africa and South Asia suggest that the use of mobile money significantly reduces the costs and increases the accessibility and security of financial services delivery.
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