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Mobile Banking in Jamaica

A proposal for starting a pilot project in Jamaica regarding implementation of mobile banking.
by

Ashu Tamrakar

on 5 June 2012

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Transcript of Mobile Banking in Jamaica

mobile banking in rural Jamaica Nan Li | Austin Weidner | Elizabeth Engoren | Ashutosh Tamrakar background our project approach To implement a mobile banking system for the Hagley Gap region of Jamaica, which will give rural Jamaicans financial independence and boost economic development. " " Mobile Banking
System Hagley Gap
District Pilot Program National third party * demand (coffee growers, Store Owners, and Local vilLagers]
* Supplier [Banks and telecommunicationS} p r o p o s a l s u s t a i n a b i l i t y p e a c e peace
created through
economic growth Empowers rural Jamaicans through financial independence secure money liquid money Economic growth Societal improvements Environmental awareness social economic Environment bearable equitable sustainable further sustainable aspects of the project: * documentation * further expansion * investment and re-investment What's been done so far: ] next Semester: Summer 2011: Winter 2010 initial exploration Spring 2011 establish relationships and research details Feasibility & scope
of the project Local partners:
Blue Mountain Project
Sherwood Coffee Estate

Faculty advisors:
David Veshosky | Michael Kelly

Alumni support:
Jim Akerhielm ’86, NuVox Inc.
Michael Elgarten ’86, Golden Seeds Venture What we will do immediately: Research regulatory background Dr. Maurice McNaughton,
Mona Business School Expand partnerships:

Mavis Bank
+
Telecommunications
+
Local banks implementation of mobile banking system: Source: deviantart.com familiarize with region
meet local store owners & villagers (develop rapport)
hold meetings with local partners
give primary presentation on the size| scope of project to interested parties revise our presentation
prepare a study report of the project US Jamaica 1st trip
[2 weeks] in US: pitch project
agree upon a contract
to ensure sustainability:
work with blue mountain group to provide basic financial education to locals
prepare final report that will be shared with the jamaican gov't, online, laf students US Jamaica 2nd trip
[1 week] viable budget [ ] * Cost for accomodations + meal: J$ 1200/ night.psn
* Total cost for the trip: ~$1300

* Auxilary food + transportation: $ 500
* Visa cost: $ 150

Changes Q & A JAMAiCA [ ] Rural Jamaica is greatly underdeveloped
-Lacks basic infrastructure
-Consequently, no incentive for banks to build in the countryside

Very few villagers can afford bus fare to use a city bank
[ Only 10 miles away but completely out of reach ]

Problematic for businesses, particularly coffee growers
Both cash and check are poor options
Forces workers to live paycheck to paycheck

-Yet, every villager owns at least one cell phone! Mobile Banking System allows users to receive money and pay for goods using their cell phones

Kenyan company Safaricom pioneered the technology and developed M-Pesa

Originally designed to allow city workers to send money to rural family members

Both groups began using M-Pesa as a savings instrument

Within 2 years, used by 9 million Kenyans. rural Jamaica
3000 people in district
$10-20/day for farmers
famous of Blue Mountain coffee

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