Sagicor Group Jamaica, while noting that digital transformation is a major strategic priority, has plans to roll out its digital wallet with capabilities to use JAMDEX, Bank of Jamaica-issued digital currency.  

The financial entity informed Our Today while highlighting initiatives geared towards facilitating digital and financial inclusion: “The company continues to provide more online services for its clients. Sagicor Bank, in particular, has made significant investments in digital service offerings, including online account opening; upgrades to our eBank platform; activation of, along with blocking and unblocking, cards online..

“We are also progressing well in the development of our own digital wallet, which we hope to make available by the fourth quarter of this year. Sagicor is working closely with the Bank of Jamaica to ensure it is ready for deployment,” it continued.

The financial group comprising a bank, investments management, insurance and cambio operations announced back in July 2023 that it was partnering with the University of Technology, Jamaica in creating and testing its mobile wallet, SwifPay, on the campus of the institution.

According to the Gleaner article titled ‘UTech, Sagicor develop Swifpay mobile wallet’, the development and deployment of the mobile wallet was conducted at the Sagicor Innovation Lab at the university. At the time Sagicor said it would determine the roll-out of the mobile wallet to the public based on the receptivity during the pilot phase on the university’s campus.

“In addition to providing a wide range of services, the digital wallet from Sagicor will allow clients to carry out transactions using Jamaica’s central bank digital currency JAMDEX,” a representative from Sagicor Group further informed Our Today.