JMMB to launch remittance card, scan-to-pay options Loop Jamaica
Black Immigrant Daily News
The JMMB Group has announced the roll-out of new payment solutions, including a remittance prepaid card for individuals, and point-of-sale and scan-to-pay payment options for SMEs.
The new products are in keeping with JMMB’s digitization thrust to enhance the client experience by providing an omnichannel experience and improving operational efficiency.
According to the general manager of digital services at JMMB Group, Gifford Rankine, the pandemic has accelerated the acceptance of digital channels. As such, JMMB Group is seeking to better serve its clients by responding to their changing needs, preferences, and the changes across the industry.
“Will that mean that we will be closing all our branches? Most certainly not. Instead, we are looking to serve our clients where they are with our digital offerings,” he told the company’s annual general meeting last Thursday.
In the meantime, a select group of SME clients are piloting the new point-of-sale terminals and its scan-to-pay payment solution. JMMB said it would fully roll out the product soon.
“These payment solutions will allow especially smaller businesses to enable merchants to accept credit/debit card payments using various methods and provide their clients with easier and more convenient ways of making payments in the market,” Rankine said.
JMMB Group CEO Keith Duncan outlined that the payment systems (point-of-sales, mobile point-of-sales) and the corporate Moneyline are important to JMMB’s revenue streams but importantly to meeting the needs of it clients.
“We want to be able to facilitate the growth of our clients in the same way that JMMB Group has seen its growth over its 30 years from a single establishment to regional presence),” Duncan said.
In speaking about the deepening of its diversification strategy, Duncan revealed that JMMB continues to explore inorganic growth across the region to bolster and expand its current business lines.
For instance, JMMB, through its subsidiary in Trinidad and Tobago, JMMB Express Finance (T&T) Limited , is in the process of making a minority stake investment of 19.9 per cent ownership in Bayshore Finance (T&T) Limited (Bayshore).
Bayshore provides insurance premium financing solutions to retail and corporate customers in the twin-island republic.
JMMB said this acquisition of a minority stake in Bayshore is a strong strategic fit and is expected to allow JMMB Group to participate in the future growth of a solid and innovative company unlocking opportunities for increased market penetration and accretive synergies.
This transaction is subject to receiving relevant regulatory approvals from the Central Bank of Trinidad and Tobago (CBTT).
Earlier in August, JMMB Holding Company, SRI and its parent JMMB Group Limited announced that it had received final regulatory approval for the purchase of 100 per cent of the shares in Banco M?ltiple Bell Bank, S.A. in the Dominican Republic.
In sharing further diversification plans, Duncan noted that JMMB Group is also seeking to deepen business line diversification capitalizing on the growth potential in the commercial real estate market.
JMMB is making an initial investment of J$5 billion in the development of commercial, warehousing and business process outsourcing (BPO) projects.
Currently, JMMB Group is constructing over 160,000 square feet of real estate in downtown Kingston, Mandeville and Liguanea, which is expected to house its corporate offices and other operations.
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