The Saint James Municipal Corporation, the governing body overseeing the local administration of Montego Bay, and Mastercard have signed a Memorandum of Understanding (MOU) aimed at driving financial inclusion and digitalisation across the municipality.
This strategic partnership seeks to leverage Mastercard’s advanced solutions, expertise, and innovative programmes to bolster the development and economic prosperity of Montego Bay, according to FF News.
A key focus of the agreement is to expand digital acceptance among small and medium-sized enterprises (SMEs) within the city, supporting economic growth while enhancing experiences for citizens, businesses, and visitors.
The collaboration is built on two strategic pillars: SME digitalisation and tourism economic development.
The SME digitalisation pillar focuses on advancing digital payment acceptance among Montego Bay’s SMEs. Mastercard, through partnerships with digital enablers, facilitating agencies, and key stakeholders, will provide SMEs with essential tools and resources to enhance their digital strategies. This support includes access to electronic payment systems, contactless-enabled devices, and digital and financial literacy training to help SMEs grow and compete in the digital economy.
The second pillar, tourism economic development, is designed to stimulate growth within Montego Bay’s vibrant tourism sector. By encouraging digital payment adoption across hotels, transportation services, and tourist attractions, the initiative aims to create a more seamless and inclusive financial environment for locals and visitors alike. Further, the partnership will explore initiatives to provide richer data insights into tourism activity, facilitating informed decision-making and delivering a more dynamic tourism experience.
“MSMEs constitute the spinal structure of our local economy. Therefore, to build a more robust economic backbone to navigate the global space, we have to empower them through the digitization process. What we are doing with Mastercard in Montego Bay will set the pace and standard for MSME development and enable them to leverage opportunities in the ever-expanding tourism industry,” His Worship, Mayor Richard Vernon said.
“This partnership with the Saint James Municipal Corporation is a significant step towards building a more inclusive and prosperous digital economy in Montego Bay, by leveraging Mastercard’s technology, resources, and expertise, we aim to empower SMEs, enhance the tourism sector, and drive economic growth for the benefit of all residents and visitors,” said Dalton Fowles, country manager for Jamaica at Mastercard. “We are excited about expanding digital payment acceptance and providing SMEs with the tools they need to thrive in today’s digital landscape.”
Both partners have committed to working closely to ensure the success of the initiative, with a shared vision of transforming Montego Bay into a city of limitless possibilities and enriching experiences for all who live, work, and visit there.
Tags: Saint James Municipal Corporation, Mastercard, Montego Bay, digital payments, SMEs, tourism development, financial inclusion, economic growth
Keywords: Saint James Mastercard partnership, Montego Bay digital transformation, SME digitalisation Jamaica
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