NCB gets approval to offer remittance via Lynk Loop Jamaica

The content originally appeared on: Jamaica News Loop News

The NCB Financial Group has received approval from the Bank of Jamaica to offer remittance services through its subsidiary TFOB (2021). TFOB will offer the service through its mobile wallet, Lynk.

TFOB, which stands for ‘the future of business’ was incorporated in 2021 to drive the Lynk payment platform – a conduit for the bank’s participation in the pilot of the central bank’s digital currency (CBDC).

The subsidiary marked NCBFG’s entrance into the fin-tech space.Lynk is NCBFG’s technological backbone and ecosystem for a range of financial products.

Speaking at the company’s recent investor briefing, CEO Patrick Hylton said the company has been able to expand its financial services for the unbanked through Lynk.

“Since its launch in December 2021, over 170,000 unique customers and more than 4700 merchants have come onboard the platform,” Hylton told the meeting.

“With Lynk, payments to businesses and transfers to individuals are both free and instant. Paperless registration can be done via a mobile device relieving customers of the need to visit a branch or any other location to sign up,” he said.

Jamaica’s remittance market is currently valued at US$3.49 billion, up from US$2.90 billion reported last year.

The Lynk wallet, which was launched in late 2021, currently offers several payment options to wallet holders including local money transfers, bill payments and mobile top-up.

NCB Financial was incorporated in April 2016 as a new holding company to meet regulatory requirements of separating its banking from its insurance operations, which previously existed for decades.

The NCB Group is the largest and most profitable financial services group in Jamaica, with roots dating back to 1837.