Jamaicans Will Be Able To Receive Remittances Through ‘JAM-DEX’
- The Bank of Jamaica Governor, Richard Byles, during the panel discussion on digital and cryptocurrency, at the 2022 Jamaica 60 Diaspora Conference on Wednesday (June 15) announced that persons with Central Bank Digital Currency (CBDC) accounts will be able to use them to receive remittances from overseas.
- He also noted that while individuals sending funds would have to do so using existing arrangements at their respective locations when the money gets here “it can go through JAM-DEX immediately to the beneficiary”. Additionally, visitors to Jamaica who may wish to conduct transactions using CBDC will be accommodated.
- It is anticipated that this will make the system of transfer even more seamless and immediate. Although there’s a bit of work to be done to get that to happen, the Governor noted that this is where technology and banking laws are eventually going to allow us to go. A more efficient process of remittance transfer should help to boost remittance inflows in the future.
- The Bank of Jamaica (BOJ) is looking to commence the national rollout of JAM-DEX at the end of June. BOJ’s Director for Payment Systems and Policy, Mario Griffiths, said the Bank is proceeding with the sole qualified financial institution onboarded to issue digital wallets, which are required to access CBDC – National Commercial Bank (NCB). NCB offers JAM-DEX through Lynk, its digital wallet through which persons will be able to complete transactions with another Lynk wallet holder using JAM-DEX at a date to be advised by NCB.
(Sources: JIS News & NCBCM Research)