BOJ Reports 30% Increase in Volume of JAM-DEX Transactions

The Bank of Jamaica, BOJ, says there’s an uptick in usage of Jamaica’s digital currency JAM-DEX.

Deputy Governor, Natalie Haynes, says there’s been a thirty-percent increase in the volume of transactions since the start of the year.

Deputy Governor Haynes was speaking at the central bank’s quarterly media briefing on Thursday.

BOJ launched JAM-DEX in 2022 to transition the country to a digital economy.

It serves as a digital one-to-one version of the Jamaican dollar, allowing for transactions via digital wallets.

Adoption has been slow due to challenges like limited point-of-sale integration and merchant enrolment.

However, BOJ Governor, Richard Byles, believes there’ll be wider adoption once these hurdles are overcome.

Richard Byles, Governor of the Bank of Jamaica.