It was designed with the direct support and guidance of RMAS Instructing and Support Staff.
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The programme falls within the tactical level of the Professional Military Education (PME) framework of armed forces and is modelled from the Royal Military Academy Sandhursts’ (RMAS) Commissioning Course. Initial Officer Training Programme (IOTP) provides basic military officer training to Officer Cadets (OCdts) and their equivalents from law enforcement and uniformed services. “Customers will be able to top-up their accounts with JAM-DEX through all authorised agents or smart ABMs using physical cash or online and do business using JAM-DEX phone-to-phone with merchants, friends, and family,” he added.
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Clarke said consumers will be able to access, download and deploy a mobile wallet app on any mobile device (phone, tablet, or similar device) using the networks of either of the two major telecommunication service providers. Of course, once NIDS is fully implemented, this will be accepted,” the Minister added.ĭr.
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“If you don’t have a bank account, all that is required to set up a JAM-DEX-enabled wallet are simplified Know Your Customer information: name, address, date of birth, tax registration number (TRN), and a valid government-issued photo ID such as a driver’s license, passport, or voter identification card. The minister revealed that users can obtain a JAM-DEX wallet automatically if they already have a bank account. “We will incentivise corner shops and informal and formal community businesses to establish… electronic wallets and to facilitate payments in JAM-DEX,” he added. He noted that the larger the network facilitating JAM-DEX, “the more successful… it ”.įurther, that the more corner shops, vendors, and bars that accept JAM-DEX, “is the more useful it becomes and the more widespread its use.” National Commercial Bank (NCB) was the first institution engaged.
The Minister advised that four more wallet providers are expected to be onboarded by the BOJ come June, to bring the overall number to five.
He said a key milestone to be accomplished by the Government and Central Bank during the period, is the tabling of legislation in Parliament to facilitate the BOJ being the sole issuer of JAM-DEX, and for it to be recognised as legal tender. Clarke said following a successful pilot spearheaded by the Bank of Jamaica (BOJ) between May and December 2021, the national CBDC rollout is scheduled for the beginning of the April to June quarter. Its implementation forms part of the Government’s digital transformation of Jamaica’s economy.ĭr. The country’s CBDC is called Jamaica Digital Exchange (JAM-DEX), which households and businesses will be able to utilise. As a fiat currency, it can be exchanged dollar for dollar with physical cash. He was delivering the opening presentation in the 2022/23 Budget Debate in the House of Representatives on Tuesday (March 8), under the theme: ‘Recovery, Reform, Restoration’.ĬBDC is a digital form of Central Bank-issued currency, which is legal tender. Nigel Clarke, who says this is in a bid to encourage persons to utilise CBDC as an option to conduct transactions. This was announced by Minister of Finance and the Public Service Dr. The first 100,000 Jamaicans establishing Central Bank Digital Currency (CBDC) wallets (accounts) after April 1, will receive a $2,500 deposit from the Government.
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