JMMB Money Transfer Rolls Out Visa Prepaid Card to Increase Access to Financial Services
According to the Bank of Jamaica (BOJ) 2023 National Financial Inclusion report, almost 23% of the country’s population is outside of the formal financial system, that is individuals who do not have accounts with any of the island’s main financial institutions. Against this background, JMMB Money Transfer Visa Prepaid card provides a financial solution for this segment of the market to bolster their financial inclusion and access to financial services, without the need for opening a bank account.
Sharon Gibson, CEO of JMMB Money Transfer explained, “The introduction of the JMMB Money Transfer Visa Prepaid card will enable us to better cater to underserved individuals, by allowing them to easily access funds loaded on their cards from relatives and friends overseas in minutes, spend wherever they want 24/7 and repeat; this provides greater convenience, without the need to visit a branch or agent location, or even open a bank account.” Adding, “The data in the (financial inclusion) report shows that cash remains king in Jamaica, so individuals can get the best of both worlds as they can use their cards to shop online or at point-of-sale (POS) machine, while still withdraw cash, as needed, from any Visa-certified ATMs islandwide. This gives them the added benefit of conveniently accessing funds instantly and securely.” Of course, individuals will need to observe the allowable daily withdrawal limits of up to J$100,000 at ATMs and J$250,000 for online payments and POS. In addition, the JMMB Money Transfer Visa Prepaid card is also globally accepted anywhere Visa is accepted.
JMMB MT Celebrates with Over J$800K in Prizes
“To celebrate the launch of the JMMB Money Transfer Visa Prepaid Visa Card, we are offering a special promotion and incentives for cardholders, until April 14, including: a grand prize of a room makeover from Courts (Unicomer) valued at J$250K, monthly supermarket vouchers valued at $25,000, and free top-ups for the first 250 cardholders. To be eligible to win the monthly and/or grand prize, individuals will need to sign up for the prepaid card online, at https://jm.jmmb.com/JMMBMT-Prepaid-Card, and do a minimum of 5 transactions per month to qualify for these prizes. So far, we have received positive feedback from our clients who have signed up, since the roll-out.”
To sign up, individuals will be required to provide their valid government issued ID (namely: driver's license, passport or National ID), taxpayer registration number (TRN), mobile number and the ability to upload a selfie for verification, as well as complete the application form online. Once approved, persons can opt to collect their prepaid card, within 3-5 business days, from the nearest JMMB branch, or await its arrival via selected courier and then activate and use.
Similar to traditional debit cards, the prepaid card boasts several robust security features including: EMV chip technology, fraud monitoring to reduce incidents of unauthorized transactions, real-time transaction notification so that users can monitor their spending and be alerted of any suspicious transactions.
"The introduction of the JMMB Money Transfer Visa Prepaid Card is a part of the company’s ongoing commitment to enhance our client satisfaction, and is in keeping with the Group’s thrust towards financial inclusion." said Gibson. Adding, “This solution also aims to empower individuals to manage their finances, by providing unparalleled convenience, security, and flexibility, as we cater to their unique needs as busy persons who also rely on getting quick access to their funds.”
Even as JMMB Money Transfer remains one of the smaller players in the local remittance market, Sharon Gibson notes, “This prepaid card is expected to be a further add value to our clients, and complements our other payment offerings which include our other inbound transfers, intra-island transfers and outbound services, all backed by our exceptional client experience. We expect that as more individuals take advantage of this offer it will also bolster our space in the market and revenue, thereby providing a win-win opportunity.”
This latest offering, JMMB Money Transfer Prepaid Visa card, is a part of the company’s digital acceleration strategy, which seeks to maximize its efficiencies while serving the changing needs of clients. In the last year, the JMMB Group has introduced several innovations to the market including: its much anticipated JMMB Moneyline app; Moneyline IPO platform for non-JMMB clients, point-of-sale terminals; and is looking to roll-out its Visa Business Cards before the end of the financial year.