Startup Transcel pushing to bring Mobile money closer to reality in Jamaica

MOBILE NEWS – Local mobile money facilitator, Transcel Limited has moved closer to bringing its service to the Jamaican market. The company recently closed a successful round of investment, securing capital to implement its service launch in Jamaica and to expand to other Caribbean markets.

Transcel is the technology partner in the Bank of Jamaica-approved Mobile Money for Microfinance (M3) initiative, working alongside the Development Bank of Jamaica and the National Commercial Bank. The M3 platform facilitates low-cost mobile payments and transactions, allowing consumers and small business owners who do not have traditional banking relationships to access secure, reliable financial services including money transfers, credit and insurance.

Two leading Caribbean executives have joined the Transcel board, in preparation for its planned rollout in July. The new directors are venture capital investor, Wayne Sutherland and Raffia Rahaman, the Managing Director of Rahamut Enterprises Limited. More