The House of Representatives this afternoon approved regulations intended to make agent banking a reality in Jamaica and improve consumer access to the banking sector.
Agent banking is the use of a retail or postal outlet by a financial institution or a mobile network operator to process transactions. This usually happens at places frequented by consumers.
The agent banking bill and accompanying regulations are aimed at developing the mobile money enterprise. It’s expected to revolutionize the banking sector.
Finance Minister, Audley Shaw, opened debate on the agent banking regulations today.
Minister Shaw further explained the purpose of the agent banking bill.
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