JMMB Money Transfer rolls out Visa Prepaid Card to increase access to financial services
/ Our Today
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JMMB Money Transfer has unveiled its solution to Jamaica’s financial inclusion challenges.
Highlighted in the Bank of Jamaica (BOJ) 2023 National Financial Inclusion report, close to 23 per cent of the population do not have bank accounts.
The newly launched JMMB Money Transfer Visa Prepaid Card aims to bridge this gap by providing a convenient and accessible financial tool for underserved individuals. Unlike traditional banking, this prepaid card offers a hassle-free alternative, allowing users to receive funds from overseas relatives and friends within minutes, without the need for 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.”
“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) machines, while still withdrawing cash, as needed, from any Visa-certified ATMs islandwide. This gives them the added benefit of conveniently accessing funds instantly and securely,” she continued.
Gibson clarified that the JMMB Money Transfer Visa Prepaid Card is also globally accepted anywhere Visa is accepted, but 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.
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.
Sharon Gibson, CEO of JMMB Money Transfer
Gibson said in celebration of the new Money Transfer Visa Prepaid Card, JMMB will be giving out various prizes.
“To celebrate the launch of the JMMB Money Transfer Visa Prepaid 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$250,000; monthly supermarket vouchers valued at $25,000; and free top-ups for the first 250 cardholders. So far, we have received positive feedback from our clients who have signed up, since the roll-out.”
To be eligible to win prizes, 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.
Signing up for the prepaid card is straightforward, with applicants needing to provide their valid government-issued ID, their taxpayer registration number (TRN), their mobile number and a selfie for verification. Once approved, users can collect their cards from the nearest JMMB branch within 3 – 5 business days, or opt for delivery via selected courier services.
Similar to traditional debit cards, the prepaid card boasts several robust security features including EMV chip technology, fraud monitoring to reduce incidents of unauthorised transactions, and real-time transaction notification, so that users can monitor their spending and be alerted of any suspicious transactions.
Despite being a smaller player in the local remittance market, JMMB Money Transfer anticipates significant growth with the introduction of the prepaid card.
This latest offering is a part of the company’s digital acceleration strategy, which seeks to maximise its efficiencies while serving the changing needs of clients.
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