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'BOJ should run mobile money'

IT used to be that you put coins into phones; soon you may be able to get cash out of them. But the technology that will allow mobile money should not be tied to particular service providers, says the think tank Solutions for Society.

"Interoperability" should be the guiding principle of mobile financial services, allowing customers to access their money at any institution through any phone operator

The Bank of Jamaica (BOJ) itself could be the one to build and operate the system, the group said on Monday.

Regulations aimed at governing mobile financial services in Jamaica, which will enable consumers — especially those with no access to accounts now — to use their phones for banking, will likely take quite some time to develop.

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