First Look

Mobile money closer to reality



| 2014-04-11 00:00:00

Local mobile money facilitator, Transcel Limited has moved closer to bringing its service to the Jamaican market. The company recently closed a successful round of investment, securing capital to implement its service launch in Jamaica and to expand to other Caribbean markets.

Transcel is the technology partner in the Bank of Jamaica-approved Mobile Money for Microfinance (M3) initiative, working alongside the Development Bank of Jamaica and the National Commercial Bank. The M3 platform facilitates low-cost mobile payments and transactions, allowing consumers and small business owners who do not have traditional banking relationships to access secure, reliable financial services including money transfers, credit and insurance.

Two leading Caribbean executives have joined the Transcel board, in preparation for its planned rollout in July. The new directors are venture capital investor, Wayne Sutherland and Raffia Rahaman, the Managing Director of Rahamut Enterprises Limited.

Sutherland and Rahaman bring to Transcel a wealth of experience in launching and managing new ventures. Their guidance will facilitate Transcel’s access into the regional markets in which their affiliated companies now operate. Additionally, both board members represent companies with holdings and investments across the Caribbean that have strong synergies with the Transcel business model and will position the company to move swiftly into other regional markets.

“The Transcel model positions it to capture revenue in a high growth area,” said Sutherland.

“The phone has emerged as the device of choice; in due course all transactions will take place by telephone. The fact that Transcel has an independent mobile transaction platform that can be flexibly deployed, gives it a strong position in the Caribbean market.”

“The Transcel/M3 model provides IGL with a tremendous opportunity to expand its customer base in Jamaica with a secure, cost effective, payment option now available to its customers eliminating the risk of handling cash,” said Rahaman.

Transcel is currently in negotiation with service providers and partners in anticipation of its planned rollout in July 2014.




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