News from the Wire

Mozido and CSS launch JCUES mobile wallet in Jamaica

Thursday, September 04, 2014 — 10:33:10 (EDT)

Austin, Texas, Sept. 4, 2014 -- Mozido, a global leader in mobile financial services and the Jamaica Cooperative Credit Union League (JCCUL), through its subsidiary Centralized Strategic Services Ltd (CSS), have partnered to create a mobile wallet, branded JCUES (Jamaica Credit Unions E-payment Services), that extends financial services to Jamaica’s underbanked population.

Mozido’s mobile financial services technology enabled JCCUL, which represents 42 credit unions serving over a third of the nation’s consumers, to launch a stored-value account mobile wallet initiative that delivers banking options to Jamaica’s estimated two million underbanked citizens, and also brings mobile payments and loyalty services to thousands of merchants. After a one-year initial phase, the Bank of Jamaica has approved phase two pilot of JCUES, now allowing any Jamaican to sign up, add money, and pay for goods and services without the need for a bank account. With the success of the JCUES mobile wallet, JCCUL will be able to reach a large demographic that has previously had extremely limited options for traditional financial services.

“Nearly 70 percent of Jamaica’s population is underbanked, so the national availability of the JCUES mobile wallet will significantly transform the financial landscape of Jamaica, much like how M-Pesa revolutionized financial services for Kenyans,” said Kavin Hewitt, CEO of Mozido Jamaica. “Any Jamaican citizen with an SMS-based mobile phone will be able to manage their own finances on their own terms without paying exorbitant fees.”

Leveraging an infrastructure that already exists, the JCUES mobile wallet initiative is expected to flourish in Jamaica. Phase two of JCUES doubles the target market base in Jamaica, giving over two-million citizens the opportunity for full control over their finances, many for the first time ever. Mozido and JCCUL expect early adoption numbers of around 50,000 users by the end of this year, with exponential growth following the adoption curve over the next few years.

The JCUES mobile wallet will enable consumers not only to pay for goods and services easily, but also to gain access to traditional transactions, such as bill and loan payments, remittances, deposits and withdrawals. The JCUES mobile wallet relies on Mozido’s MoTEAF® technology, a proven and tested architecture, which will ensure a continued smooth roll out throughout the entire nation.

Mozido’s MoTEAF technology serves to benefit merchants as well as disrupting the traditional commerce model in Jamaica. Merchants, from an independent coffee stand or corner convenience store to a supermarket, will be able to better reach their consumers through low-cost, high-impact mobile loyalty and marketing programs tied to the existing JCUES mobile infrastructure.

“Mozido and JCCUL are working closely with the Bank of Jamaica to receive regulatory approval for each phase of the JCUES mobile wallet, and what we’re doing is catching the attention of other nations,” said Hewitt. “We’re generating interest from countries that have regulations and pre-existing infrastructure all across the Caribbean and Latin America. This will be a game changer for underbanked markets across the world.”

About Mozido

Mozido’s mobile payments platform includes mobile financial services, loyalty programs, and mobile offers for business and retail. Through its white-label, cloud-based platform MoTEAF, Mozido serves people around the world who choose to manage their money using their mobile phone rather than relying on traditional financial institutions. Mozido’s MoTEAF platform is highly interoperable, works with virtually any wireless carrier or mobile device, an integrates easily with products from other vendors. For more information, visit us at www.mozido.com . Follow us on Twitter: @Mozido

About CSS

Centralized Strategic Services (CSS) is a professional services organization established in 2011 to increase the operational efficiency and overall profitability of businesses. With offices located in Kingston, Jamaica, our company is a subsidiary of the Jamaica Co-operative Credit Union League and offers a wide range of consultancy and management services to organizations both at home and across the Caribbean region. Our services will help transform your business into a streamlined, cost effective operation focused on delivering the highest quality products and services to your clients.

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Source: Company press release.