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What the U.S. Could Learn From Jamaica's Mobile Wallets

An estimated 70% of Jamaicans are unbanked, but 67% have smartphones. Mobile wallets are an obvious solution.

By Charles Wiggs | Updated on November 03, 2014
Charlie WiggsThe Bank of Jamaica recently approved the Jamaican Co-operative Credit Union League to extend the use of its mobile wallet, the CONEC Mobile Wallet, to all citizens of Jamaica, regardless of their status as bank customers or credit union members.

This development is extremely significant for this Caribbean nation as all citizens stand to gain access to many of the same basic financial capabilities that were previously unavailable to a majority of the population.

According to an article from the Jamaica Gleaner, an estimated 70% of Jamaicans, around two million people, are under- or unbanked, meaning these people have little to no access to traditional financial services and accounts. Many of them express the view that banking “is for big people.”

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