JMMB forms payments division for digital services
JMMB GROUP Limited is setting up an alternative payments division through which it will expand remittance and banking services.
It is awaiting regulatory approval from the Bank of Jamaica for the roll-out of several payment solutions and services, including prepaid cards and the launch of cross-border services over the short term.
JMMB is also developing a digital wallet, to be offered through banking subsidiary JMMB Bank Jamaica, and a mobile app to be launched by the first quarter of 2022, but the financial group was not inclined to say much about the projects.
“JMMB Group will disclose more details of the proposed solutions after receiving the necessary regulatory approval,” said Gifford Rankine, general manager of digital services at JMMB Group.
The financial conglomerate, which produced earnings of $5.5 billion for the six-month period ending September 2021 on revenues of $13 billion and holds $65 billion in cash, is also aiming for growth through acquisitions. It plans to close two deals this year, while others are under consideration, but the targeted businesses and countries of operation are unknown.
Development of the alternative payments division is still in its infancy, and the details around its leadership and budget are yet to be disclosed. However, Sharon Gibson, CEO of JMMB Money Transfer, is playing a lead role in the design and development of several alternative payment products. The chosen head of the unit will also work closely with Rankine.
Efficiency thrust
“The transformation thrust is efficiency-focused and thus enables the group to introduce varying payments solutions to cater to segment gaps and market needs identified in its operating markets,” said Rankine.
“Currently, JMMB Group is exploring solutions to improve and enhance service delivery for its remittance and banking business lines,” she added, without stating a timeline.
For some three months last year, JMMB clients were inconvenienced by technical problems experienced on the banking side of the Moneyline platform in Jamaica. JMMB, which also operates in Trinidad & Tobago and Dominican Republic, was forced to delay upgrades to the Moneyline platform across the three countries, to sort out the technical glitches.
With the issue now behind it, JMMB Group is moving ahead with its digital transformation and diversification programme.
The ongoing improvements to the group’s online platform are meant to expand access to the group’s suite of offerings, which span investments services, banking, pension funds management, insurance brokerage and remittances.
JMMB Group’s digital journey got under way in 2018, a year after its entry into the commercial banking sector, done via the transformation of its merchant banking subsidiary into a full-fledged bank. Since then, JMMB Bank, which has a customer base of 386,000, has upgraded its automated teller machines to smart ATMs, and rolled out a chip-enabled Visa debit card. The group has also improved the Moneyline platform that facilitates both investment and banking clients across JMMB’s markets and now facilitates real-time trading.