Local online start-ups want the Bank of Jamaica (BOJ) to move with alacrity and implement mobile money in Jamaica, arguing that weak regulation and heavy bureaucracy have continued to hinder the viability of their businesses.
The appeal came as deputy governor of the BOJ, Livingston Morrison addressed a group of entrepreneurs about regulating mobile remittances, and even as one participant revealed that he had transferred funds even as the central bank official discussed the issue.
“Whilst you spoke I transferred funds using PayPal,” the participant told Morrison while looking at his mobile phone, in reference to transactions made through the global e-commerce business which allows payments and money transfers to be made through the Internet.
“Did I do anything illegal?” he asked. More