Plans in Place for BOJ to Expand Use of JAM-DEX

Minister of Finance and the Public Service, Fayval Williams (centre, front row), provides details on the estimated expenditure for postal and courier services in the upcoming fiscal year 2025/26, at a meeting of the Standing Finance Committee of the House, on Thursday (March 6). She is joined by State Minister in the Ministry of Finance and the Public Service, Zavia Mayne (left), and Financial Secretary, Darlene Morrison (right), as well as other senior and support staff from the Ministry. (Adrian Walker/JIS)

Finance minister, Fayval Williams, says the Bank of Jamaica has every intention of continuing with efforts to broaden use of the digital currency, Jamaica Digital Exchange or JAM-DEX.

The minister was speaking during Thursday’s meeting of the Standing Finance Committee.

Minister Williams was responding to questions from Opposition Spokesman on Finance, Julian Robinson.

Robinson says the cost to develop the digital wallet has been a hindrance to financial institutions.

Julian Robinson, Opposition Spokesman on Finance.

JAM-DEX was launched in July 2022. It facilitates the instant processing of transactions, online and offline.

The Lynk digital wallet mobile application, which is run by the National Commercial Bank and Jamaica National, JN Bank’s JN Pay app are the only two providers for the digital currency.

In 2023, 90 small merchants and 4,500 micro merchants were with Lynk. At the time, divisional chief for financial markets infrastructure at the central bank, Dr. Novelette Panton, said JAM-DEX was alive and being used.

Meanwhile, Minister Williams says the capacity of merchants to accept the digital currency at their stores is among the challenges facing the BOJ.

Fayval Williams, finance minister.