Minister of Industry, Investment and Commerce Senator Aubyn Hill, addressing the media launch of Global Services Association of Jamaica, Outsource2Jamaica 2025, at the Jamaica Pegasus hotel in New Kingston on Tuesday. (Photo: JIS)
February 27, 2025
Mastercard partners with NCB to support unbanked MSMEs
GLOBAL technology company in the payments industry, Mastercard, is partnering with National Commercial Bank (NCB) to support unbanked micro, small and medium-sized enterprises (MSMEs) across the island.
Minister of Industry, Investment and Commerce, Senator Aubyn Hill, made the announcement on Tuesday at a media launch of Global Services Association of Jamaica (GSAJ), Outsource2Jamaica 2025, at Jamaica Pegasus hotel in New Kingston.
According to Hill, Mastercard’s involvement began after meetings in Los Angeles several years ago and gained momentum leading up to his ministry’s recent roadshow in Clarendon, culminating in the global company’s commitment to the initiative.
Hill said the partnership aims to provide unbanked merchants with access to secure and reliable payment platforms, enabling them to participate fully in the digital economy and expand their customer base to include international visitors.
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He described that partnership as a game changer for MSMEs, as he argued that these businesses have been excluded from the formal financial system for too long, limiting their growth potential.
Hill said providing MSMEs with the tools they need to accept digital payments will unlock new opportunities and drive economic growth.
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A key component of the partnership addresses the challenge of access to technology.
Recognising the widespread ownership of smartphones in Jamaica, Hill disclosed that Mastercard will provide smart phones to merchants who do not already own one.
These devices will be equipped with NCB’s payment platform, enabling merchants to seamlessly accept electronic payments.
“Mastercard is offering this service free to Jamaicans, and that is a good thing for the country. Now visitors from Dubai, the Netherlands, the United States, or Singapore can make purchases on our streets using their cards,” Hill said.
He noted that the programme will also enable a craft market vendor, for example, to accept card payments from both local and international customers.
The funds from these transactions will be securely deposited into the merchant’s NCB account.
Hill underscored that Mastercard’s technology ensures a high level of anti-hacking protection, safeguarding transactions for both merchants and customers.
NCB is the only bank in Jamaica that has the platform to support this initiative, so far.
JIS
