NCB Financial Group, the operator of Jamaica’s largest commercial bank received approval to offer digital remittances through its Fintech subsidiary – digital wallet – Lynk.
The Lynk app, which is regulated by the Central Bank of Jamaica, already has 100,000+ downloads and 250+ merchants that accept 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 main operation is the National Commercial Bank of Jamaica, but it also operates another banking operation called Clarien in the northern Caribbean. It is also heavily involved with First Atlantic Commerce, the Bermuda-based entity that handles more than 80% of e-commerce transactions in the Caribbean, as well as Fygaro.
The Lynk app is the first digital primary agent to receive approval to operate expatriate remittance services. Let’s see if they can catch up or game foreign owned apps like Paypal, Venmo, Cash App and others that Jamaicans and Diaspora Jamaicans already use.
We at SiliconCaribe are digging further for more details on how this will ultimately work for consumers. Will it be faster, cheaper and more secure, and what platforms will be used to process these transactions?
More to come.
