JMMB Group Enters FinTech Space with Introduction of New Payment Solution 

Regional financial entity, JMMB Group in its quarterly virtual investor briefing, held on February 14, announced that it will be rolling out the first solution in its suite of digital payment offerings, starting February 14, in partnership with Norbrook Transaction Limited, a subsidiary of Norbrook Equities  Partners (NEP).

The first solution comes in the form of an electronic payment (ePay) card to several schools, corporate and institutional entities as well as small and medium-sized enterprises (SMEs).

The JMMB Bank co-branded ePay card will facilitate payments for meals and transportation online via ePay’s website and a mobile app.
 
This reintroduction of the ePay card by JMMB Bank is aimed at widening clients’ payment options. The deal follows on the discontinuation of the ePay card that was formerly offered in partnership with Alliance Financial Services (AFS). ePay Group is Jamaica’s leading transaction platform with card and non-card solutions ranging from fleet management to bill payment and talk-time sales.

Speaking during the briefing, Jerome Smalling, JMMB Bank CEO outlined that the Group is excited by this move as it signals the first step by JMMB Bank, in rolling out its digital payment solution, in response to the pain points faced by its clients. “We are in the process of developing and progressing along with several very exciting digital solutions that we know will bring the best value to our markets across the region. We have launched (this) new payment solution (since) we have strategically aligned our client needs with our competencies across the Group, in the creation of (a payments) division, to facilitate clients and to facilitate the ease of moving money across the different channels.” Adding, “Already, we are seeing the benefits of this cross business line approach, to the development of solutions that meet our client needs for a variety of financial products and options.”  

The JMMB Bank CEO, Smalling further shared that this move is also in keeping with the Group’s overall strategy of serving key target segments namely SMEs and corporates, and its thrust towards greater financial inclusion in Jamaica. “We have (additional) solutions slated for agile development commencing (this year), which will bring new digital solutions to our banking clients, as well as underbanked persons, putting our financial inclusion strategy in action.”

JMMB Group Clients to Benefit from More Digital Options 
JMMB Bank is looking to deepen its partnership with Norbrook Transaction Services to introduce other payment solutions, although not indicating a definitive timeline for roll-out. These payment solutions will include customized prepaid cards and international payment options, subject to the relevant regulatory approvals. Smalling outlined that these solutions are expected to increase the payment channels offered especially to SMEs, corporates and the unbanked, making payments easier and more convenient. 

The CEO also revealed that plans are far advanced to introduce online onboarding and its mobile app, subject to regulatory approval. 

The overall JMMB Group digital strategy comes in response to the changing needs of clients and the wider society, with increased demand for more digital options, greater popularity of alternative service delivery channels, and wider access to the internet, via affordable data plans and Wi-Fi. Since its 2021/22 financial year, JMMB Bank completed the rollout of its fleet of smart automated teller machines (ATMs) in Jamaica. At the briefing, Jerome Smalling also announced that a similar upgrade has commenced in the twin island, Trinidad and Tobago, over the next week. 

These smart ATMS allow clients to have the added convenience and an improved client experience, by allowing clients to have real-time updates on their accounts and immediate access to cash deposited, in addition to faster transactions time, using the JMMB Bank Visa Debit card tap feature.
In addition to enhancing the client experience, the digital transformation lays the foundation for improving the company’s operational efficiency.