NCB Financial Group, operator of Jamaica’s largest commercial bank got approval to offer digital remittances through its Fintech subsidiary – the digital wallet- Lynk.
Lynk App which is regulated by the Central Bank of Jamaica, already has 100,000+ downloads and 250+ merchants accepting Lynk payments!
NCB Financial Group has more than JMD$2 trillion in assets and operates one of the largest banking conglomerates in the region. Its flagship operation is National Commercial Bank Jamaica, but it also operates another banking operation called Clarien in the northern Caribbean. It’s also heavily involved with First Atlantic Commerce, the Bermuda-based entity that carries more than 80% of Caribbean eCommerce transactions as well as Fygaro.
The Lynk App is the first digital primary agent to receive approval to operate remittance services. Let’s see if they can catch to to or playball with foreign-owned applications such as Paypal, Venmo, Cash App, and others that Jamaicans and Diaspora Jamaicans already use.
We at SiliconCaribe are digging further for more details as to how this will eventually work for consumers. Will it be faster, cheaper, and more secure, and what platforms they will be used to process these transactions?
More to come.
