The National Commercial Bank (NCB), a government-owned bank in Jamaica, reportedly has launched a pilot operation in partnership with the Development Bank of Jamaica (DBJ), which is also owned by the Jamaican government, in preparation to allow for the disbursal of funds to clients of microfinance institutions (MFIs) through automated banking machines (ABMs). MFI customers receive a short message service (SMS, also known as text messaging) when a loan is approved at which point they may withdraw the funds from any ABM.
As of 2011, DBJ reported total assets of JMD 49 billion (USD 518 million). As of September 2012, NCB reported total assets of JMD 379 billion (USD 4 billion).
By Lena Phillips, Research Associate
About Development Bank of Jamaica (DBJ)
DBJ was formed in 2000 as a result of the merger of the Agricultural Credit Bank of Jamaica and the National Development Bank of Jamaica Limited. In 2006, DBJ merged again with the National Investment Bank of Jamaica. Owned by the government of Jamaica, DBJ is mandated to foster the growth of “strategic” economic industries in the country with a special emphasis on developing the micro-, small and medium-sized enterprise (MSME) sector. As of 2011, DBJ reported total assets of JMD 49 billion (USD 518 million).
Sources and Additional Resources:
Development Bank of Jamaica News, “Bank of Jamaica Clears Way for DBJ Mobile Money for Microfinance Pilot Project,” http://www.dbankjm.com/news/bank-jamaica-clears-way-dbj-mobile-money-microfinance-pilot-project
JamaicaObserver.com Article, by Shamille Scott, “NCB moves first on mobile money,” http://www.jamaicaobserver.com/business/NCB-moves-first-on-mobile-money_13404707
MicroCapital.org Article, 16 October 2012: “MICROCAPITAL BRIEF: 15 Caribbean Microfinance Institutions to Benefit from $2m Phase Two of Caribbean Microfinance Capacity Building Project (CARIB-CAP II),” https://www.microcapital.org/microcapital-brief-15-caribbean-microfinance-institutions-to-benefit-from-2-million-phase-two-of-caribbean-microfinance-capacity-building-project-carib-cap-ii/#more-20465
MicroCapital.org Article, 10 November 2011: “MICROCAPITAL BRIEF: Scotia Group Regroups in Jamaica: New Microfinance Provider CreditScotia to Take Over Offices of Micro Enterprise Finance Limited (MEFL),” https://www.microcapital.org/microcapital-brief-scotia-group-regroups-in-jamaica-new-microfinance-provider-creditscotia-to-take-over-offices-of-micro-enterprise-finance-limited-mefl/#more-15547
National Commercial Bank, http://www.jncb.com/home
MicroCapital Universe Profile: Development Bank of Jamaica (DBJ), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Development+Bank+of+Jamaica+%28DBJ%29
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