Mastercard is partnering with NCB Jamaica to support unbanked micro-, small- and medium-sized enterprises (MSMEs) across the island.

Investment and Commerce Minister Aubyn Hill made the announcement at a media launch of the Global Services Association of Jamaica (GSAJ), Outsource2Jamaica 2025, at the Jamaica Pegasus Hotel in New Kingston on Tuesday (February 25).

Mastercard’s involvement began after meetings were held among the minister, Prime Minister Andrew Holness and Mastercard CEO Michael Meibach in Los Angeles in June 2022.

This morning I met with MasterCard CEO Michael Meibach, along with other executives, as Jamaica continues to pursue opportunities for the integration of technology to advance our development objectives and meet the needs of our people in an increasingly digitized world. pic.twitter.com/2nr1lrtcJI

— Andrew Holness (@AndrewHolnessJM) June 9, 2022

The collaboration gained momentum leading up to the ministry’s recent MSME Business Roadshow in Clarendon, culminating in Mastercard’s commitment to the initiative.

It aims to provide unbanked merchants with access to secure and reliable payment platforms, enabling them to participate fully in the digital economy and expand their customer base to include international visitors.

Minister Hill expressed that this is a game changer for MSMEs, noting that these businesses have been excluded from the formal financial system for too long, limiting their growth potential.

He said providing these merchants with the tools they need to accept digital payments will unlock new opportunities and drive economic growth.

A key component of the partnership addresses the challenge of access to technology.

Recognising the widespread ownership of smartphones in Jamaica, the minister disclosed that Mastercard will provide smartphones to merchants who do not already own one.

These devices will be equipped with NCB’s payment platform, enabling merchants to seamlessly accept electronic payments.

“Mastercard is offering this service free to Jamaicans, and that is a good thing for the country. Now, visitors from Dubai, the Netherlands, the United States, or Singapore can make purchases on our streets using their cards,” Senator Hill said.

The programme will also enable a craft market vendor, for example, to accept card payments from both local and international customers.

The funds from these transactions will be securely deposited into the merchant’s NCB account.

Mastercard’s technology ensures a high level of anti-hacking protection, safeguarding transactions for both merchants and customers.

NCB is the only bank that has the platform to support this initiative, so far.