IDB funds mobile banking study in Jamaica

With local banks and cellular providers considering launching mobile banking (m-banking) services, Government has secured assistance from the Inter-American Development Bank (IDB) to assess its feasibility for Jamaica and recommend necessary legislation.

The project will serve as a pilot for the entire Latin America and Caribbean region with the IDB providing funds of US$100,000 ($8 million) and Government US$20,000 ($1.6 million) to produce an action plan for Jamaican m-banking. Scheduled to begin in February, the work is to be co-ordinated by the Planning Institute of Jamaica and will consider a range of issues not least security which is a common concern regarding m-banking (accounts are protected by PIN numbers similar to debit and credit cards). More