#FinanceTwitterJa For those wondering why this is a big deal, let me explain in a simplified thread as to why a new player in the space will mean better service for customers.

Thread// https://twitter.com/kalilahrey/status/1198032267643359232

As of today, only @ScotiaCaribbean, @CIBC_FCIB and @firstglobalbank offer Visa Debit Cards. Note, all commercial banks usually offer a debit card, but most persons in Jamaica using debit cards use a Multilink branded debit card which limits you to only local POS transactions. /1

So, if you wanted to buy a product online or pay for a service at the airport kiosk, you would either need to have a visa/mastercard (V/M) credit card or a possible prepaid V/M card in order to process that transaction. /2

This in effect is a problem. Less than 10% of our working population has access to a credit card. This means that persons have to find someone with a credit card in order to carry out certain transactions.

http://www.jamaicaobserver.com/business-report/banks-push-to-increase-credit-card-usage_112687?profile=1056 /3

This is in effect a barrier to us transitioning to a more digital solution oriented society as persons don't have the means to access the online space of their own free volition. Even though there are banks who offer the card as mentioned above, not everyone can afford the fees

or has the option of opening an account at another bank. /4

Let it sink in that Jamaica's largest commercial bank by deposits ( @ncbja) doesn't offer a Visa Debit card and has their own local credit card. So, you could in effect do online transactions with merchants that used

NCB ( @JamaicaTax) to pay for certain services, but you were still limited in scope as to what transactions you can use with their lovebird credit card. So, the next option is a V/M credit card which isn't favourable to all persons. Not everyone likes debt or can qualify. /5

So, why not just go with number 2 ( @ScotiaCaribbean)? BNS offers a myriad of services, but these services don't come cheap. Persons usually complain a lot about their high fees and how there really isn't a competitor since CIBC and FGB are still relatively small scale in terms of

access to a greater portion of the population and possible services offered. As a result, persons truly cannot spend as freely as they would want online since they would be wary of those 'fees'. /6

What is so revolutionary about @JMMBGROUP bringing their own V debit card to the

current marketspace? Well, JMMB got its commercial banking license in Jamaica in November 2016 and formally transitioned in late 2017. In effect, JMMB Bank is the youngest bank on the scene. However, they have signalled their intent to service various areas of the banking

services space. The first move is the V debit card. Now, clients will no longer have to use a JMMB ETM only to access their cash, they will have a new avenue to shopping online and outside of Jamaica and they can feel safe with an EMV chip card. /7

With this option now available to all their investment/banking clients, they will now be able to access greater services and not be restricted to only Jamaica. This in turns means potentially less cash based transactions, greater choices for customers looking for a bank and

giving Jamaicans greater access to the growing financial space. Key takeaway, JMMB Bank is less than 2 years old and is doing quite a lot since they became a commercial bank. So, for someone else other than the 3 available commercial banks to offer this product, it's a good look.