Saint James Municipal Corporation Partners with Mastercard in Strategic MOU for Economic Development

Saint James Municipal Corporation Partners with Mastercard in Strategic MOU for Economic Development

In a significant move towards enhancing financial inclusion and promoting digital transformation in Montego Bay, the Saint James Municipal Corporation has partnered with Mastercard by signing a Memorandum of Understanding (MOU). This collaboration aims to leverage advanced digital solutions to foster economic growth in the region.

Strategic Focus Areas of the Partnership

This partnership between the Saint James Municipal Corporation and Mastercard is centered around two main objectives:

  • SME Digitalisation: Expanding digital payment acceptance among small and medium-sized enterprises (SMEs).
  • Tourism Economic Development: Enhancing the tourism sector through digital payment adoption.

Promoting SME Digitalisation

The first pillar of the initiative focuses on empowering local SMEs in Montego Bay. Mastercard will collaborate with various stakeholders to provide:

  • Access to electronic payment systems
  • Contactless-enabled devices
  • Digital and financial literacy training

These resources are designed to help SMEs enhance their digital strategies, enabling them to compete in the evolving digital economy.

Boosting Tourism Economic Development

The second focus of the partnership is aimed at the vibrant tourism sector in Montego Bay. By promoting digital payment solutions across:

  • Hotels
  • Transportation services
  • Tourist attractions

This initiative seeks to create a more seamless and inclusive financial landscape for both residents and visitors, ultimately enriching the tourism experience.

Statements from Key Leaders

Mayor Richard Vernon emphasized the importance of MSMEs in the local economy, stating, “To build a more robust economic backbone, we must empower them through the digitization process. What we are doing with Mastercard in Montego Bay will set the pace for MSME development.”

Dalton Fowles, Mastercard’s country manager for Jamaica, added, “This partnership is a significant step towards building a more inclusive and prosperous digital economy in Montego Bay. By leveraging Mastercard’s technology and resources, we aim to empower SMEs and enhance the tourism sector.”

READ ALSO  Mastercard Unveils Innovative Virtual Card Program to Streamline Commercial Payments

Looking Ahead

Both the Saint James Municipal Corporation and Mastercard are committed to working closely to ensure the success of this initiative. Their vision is to transform Montego Bay into a city filled with limitless possibilities and enriching experiences for everyone.

For more information about digital transformation initiatives, visit Mastercard or explore resources related to financial inclusion in Jamaica.

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