Photo: Minister of Finance and the Public Service, Hon. Fayval Williams centre), providing an update on Jamaica’s Central Bank Digital Currency CBDC), JAM-DEX, during the meeting of the Standing Finance Committee of the House of Representatives on Thursday March 6). She is joined State Minister in the Ministry, Hon. Zavia Mayne left), and Financial Secretary, Darlene Morrison right), as well as other senior and support staff from the Ministry.
Minister of Finance and the Public Service, Hon. Fayval Williams, has reaffirmed the Government’s commitment to expand the use of the Central Bank Digital Currency (CBDC), JAM-DEX.
She noted that the project has not been abandoned and remains a priority, despite facing some challenges related to onboarding businesses.
“JAM-DEX is still very much alive and well,” she said, noting that the Ministry, along with the Bank of Jamaica (BOJ), is actively addressing the challenges to ensure the greater take-up.
Minister Williams was responding to questions during the meeting of the Standing Finance Committee of the House of Representatives on Thursday (March 6).
Acknowledging that onboarding businesses has been slower than initially anticipated, Minister Willaims said, “We are actively working to solve the issues on the merchant side, ensuring they can seamlessly accept JAM-DEX.”
A key factor is the desire for businesses to integrate JAM-DEX payments into existing point-of-sale (POS) systems.
“They don’t want to use two different machines. Work is being done right now to get that kind of seamless integration of JAM-DEX into point of sales machines,” she pointed out.
Minister Williams also highlighted the potential impact of JAM-DEX on transaction fees once fully implemented.
She said the expectation is for JAM-DEX to reduce fees, benefiting both consumers and businesses.
JAM-DEX, the digital version of the country’s currency, provides a safe, efficient, and convenient way to pay for goods and services.
Currently, JAM-DEX is offered by the National Commercial Bank through LYNK®, which is its digital wallet, and by Jamaica National (JN) through its JN Pay Wallet.
