Lynk users can now deposit and withdraw cash at NCB ABMs Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Jamaican digital wallet Lynk has officially unveiled its ABM cash-in/cash-out feature.

This enables Lynk users, especially those without a bank account, fund their Lynk wallet using the National Commercial Bank’s (NCB’s) extensive ABM network.

Lynk has also indicated that it will launch a merchant platform for medium to large businesses, a remittance feature over the coming months.

With over 300 NCB ABMs located islandwide, customers will now have 24/7 access to Jamaica’s largest ABM network, to deposit or withdraw money instantly.

Speaking at the event, Minister of Finance and the Public Service, Dr Nigel Clarke stated, “The only way we’ll be able to include the hundreds of thousands of Jamaicans that are part of this economy, particularly the unbanked and underbanked, is to have technology that allows us to leapfrog some of the difficulties society haswith traditional methods.”

He went on to say, “the digital economy is the future – it is the future globally and it is the future for Jamaica. Digital is more productive and efficient, and most importantly allows us to include more people. At the end of the day, what we want to do is include everyone. Without financial services, even with the best ideas and the best energy, people won’t be able to make a go at it. Financial services are like the oxygen of commerce and we have to make that available to everyone.”

Patrick Hylton, President and CEO of the NCB Financial Group, reinforced the minister’s comments and stated that “Every Jamaican deserves access to financial services. Services that can help them plan for their success and that of their families. We see Lynk as a key part of introducing financial services across Jamaica.”

Patrick Hylton, CEO of NCB Financial Group and Dr Nigel Clarke, Minister of Finance and the Public Service look on as Vernon James (centre), CEO of Lynk, outlines the features available in the Lynk app, Jamaica’s digital wallet.

Research shows that approximately nine per cent of Jamaicans are unbanked, which means they are not a part of the formal banking system.

Meanwhile, a significant portion of banked individuals is considered underbanked due to their limited utilisation of the formal banking system, curtailing their ability to take advantage of financial services that can help them save, grow and invest in their future.

Jamaica is one of the few countries globally to use ABM networks as part of the rollout of digital wallet services.

According to Vernon James, CEO of Lynk, “expanding this feature to customers who do not have a bank account will be a significant step in attaining greater financial inclusion for more Jamaicans.”

He explained further explained, “We have designed this latest feature to meet with the realities of the Jamaican consumer. Not everyone has a credit card, debit card or a bank account to fund their wallet. Now, any Jamaican with the Lynk app, can go to an NCB ABM, scan a QR code to connect their Lynk app to the ABM and have the option to fund or withdraw money via this new contactless, fast, easy and secure method.”

According to James “Lynk will also absorb associated banking fees, thus, making the use of this feature completely free to the customer”.

Lynk’s ABM feature follows other options such as mobile top up and bill payments using the app.