Alaric and Transcel are working with the Development Bank of Jamaica to deliver mobile banking services to the unbanked population in Jamaica.

The Mobile Money for Microfinance (M3) project will enable consumers to make low-cost person-to-person mobile money transfers and payments. Transcel is providing the facilities to enable mobile lending, borrowing and repayments processes, while Alaric will offer fraud protection services.

The National Commercial Bank in Jamaica will provide debit cards linked to M3 accounts, allowing the consumers to use ATM machines and pay at physical POS. The scheme has been designed to ensure that Jamaicans do not have to physically store or carry their earnings, as well as protecting them from local money lenders.

“We are committed to bringing more citizens into the formal financial system,” said Milverton Reynolds, MD of the Development Bank of Jamaica. “The role of the Development Bank of Jamaica at the heart of this transformative project ensures that many who have been previously excluded will finally have access to modern financial services and will be able to manage their money in a secure, regulated environment.”