Sat | Mar 24, 2018

NCB granted approval for mobile money

Published:Sunday | May 29, 2016 | 12:00 AM

National Commercial Bank Jamaica (NCB) has obtained approval from the central bank to launch its suite of mobile money services.

The bank has been securing partnerships over the last few months in preparation.

It is expected to be the first to roll out products and services through the platform provided by technology partners Advanced Integrated Systems and Quisk, which themselves have signalled that the platform should go live in the next three months.

To obtain approval from the Bank of Jamaica (BOJ), entities must first apply and receive a mobile money licence then develop the product or service and resubmit to the central bank for final approval.

"Other companies seeking to offer services leveraging mobile accounts would need to partner with an approved institution," NCB's chief digital and marketing officer Nadeen Matthews explained.

Having got BOJ's approval, Matthews said NCB is now "targeting market launch later this year," but declined to give further details on the products.

"We are in the process of finalising our go-to market plans," she said via email to Sunday Business.