← News Wed Sep 10, 2014 - 7:19 pm - 0 comments

IDB approves $60m for mobile money

Hugo-Daley

THE Inter-American Development Bank (IDB) yesterday approved a US$530,000 ($60-million-grant to help expand the ongoing mobile money for microfinance (M3) project.

The Development Bank of Jamaica (DBJ), along with its partner on the project — local tech firm Transcel — will have to match those funds with US$680,000 of its own.

M3, which will eventually see DBJ loans disbursed through micro-finance lenders using GPRS technology and automated banking machines (ABMs), is set to ‘go live’ and ‘roll out’ by the end of December, according to Hugo Daley, CEO of Transcel.

The project — currently in the first phase involving system integrations and small group use — has been delayed for some time, due to National Commercial Bank (NCB) — the commercial bank facilitating the project — restructuring its payment network to fit the new system.

Published in the Jamaica Observer
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