Mastercard and the Saint James Municipal Corporation Sign MoU to Promote SME Digitalization and Financial Inclusion

The Saint James Municipal Corporation and Mastercard have announced the signing of a Memorandum of Understanding (MOU) designed to foster digitalization as a catalyst for financial inclusion in the municipality. This partnership will enable the Saint James Municipal Corporation to leverage Mastercard's expertise, cutting-edge solutions, and innovative programs to enhance the development and prosperity of the city. Additionally, the agreement aims to expand digital acceptance among small and medium-sized enterprises (SMEs) in Montego Bay, driving economic growth and improving the experiences of citizens, businesses, and visitors alike. The signed Memorandum includes two strategic pillars:

• SME Digitalization: This pillar focuses on advancing digital acceptance among SMEs in Montego Bay. By engaging digital enablers, facilitating agencies, and other key stakeholders, Mastercard will collaborate with industry partners to provide SMEs with the tools and resources needed to strengthen their digital strategies. This includes facilitating access to electronic payments, contactless enabled devices, and digital/financial literacy training to help their businesses to grow and thrive in the digital economy.
• Tourism Economic Development: This pillar aims to drive growth in Montego Bay’s tourism sector by promoting the use of digital payments across key services such as hotels, transportation, and tours/attractions, allowing greater financial inclusion for citizens, businesses and visitors alike. Additionally, the partnership will explore initiatives that enhance data insights into tourism activity, enabling better decision-making and fostering a more dynamic and efficient tourism experience throughout the city.

“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. "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, will work closely to drive the success of this collaboration, with the shared vision of making Montego Bay a city full of limitless possibilities and enriching experiences for its residents.