Jam-Dex

Jam-Dex is Jamaica's retail Central Bank Digital Currency issued by the Bank of Jamaica, fully implemented to promote financial inclusion, reduce cash dependency, lower transaction costs, and modernize Jamaica's payment infrastructure for digital economy.

Jam-Dex operates through digital wallets provided by authorized deposit-taking institutions and payment service providers, maintains one-to-one parity with Jamaican dollar, supports instant peer-to-peer transfers and merchant payments, enables offline transactions for users in areas with limited connectivity, and integrates with existing banking and mobile money systems. The Bank of Jamaica uses tiered approach with different wallet types offering varying transaction limits and KYC requirements, allowing basic access with minimal identification while requiring enhanced verification for higher value transactions.

Strategic objectives include extending financial services to 25% of population lacking bank accounts, providing cost-effective payment alternative to cash and traditional banking fees, enabling transparent government benefit distribution, facilitating remittances from Jamaican diaspora, and positioning Jamaica as Caribbean digital finance leader. Implementation emphasized phased rollout starting with pilot programs, partnerships with established financial institutions and fintechs for distribution, consumer education campaigns on digital wallet usage and security, and merchant incentives including fee waivers to encourage acceptance. By 2025, Jam-Dex serves as Caribbean model for CBDC deployment in small island developing states, demonstrating approaches to financial inclusion, disaster resilience, and tourism sector integration.