Launching payments in Jamaica: the stack

By Polynopsis team · Last updated 29 October 2026

Paying out in Jamaica runs through the nine primary agents licensed by the Bank of Jamaica (such as GraceKennedy, JMMB, LASCO and Lynk's operator TFOB), which hold foreign currency settlement accounts with their overseas partners and pay recipients in cash, into bank accounts or to wallets, converting to Jamaican dollars where the recipient takes JMD. Bank credits move over the BOJ's JamClear-RTGS for J$1 million and above and the JETS-run ACH for smaller amounts, while FX is market-determined through authorised dealers and cambios with BOJ B-FXITT interventions.

Currency	JMD
Local payout rails	JamClear-RTGS, ACH, JAM-DEX
Holiday calendar	Jamaica bank holidays 2026 and 2027

The Jamaica market

Total remittance inflows to Jamaica were US$3,485.7 million in calendar 2025, 3.8% more than in 2024 (Bank of Jamaica). source
Remittance inflows from January to July 2026 were US$2,107.1 million, 4.8% more than a year earlier; net inflows in July 2026 were US$307.9 million, up 9.1%. source
In July 2026 the United States supplied 69.0% of remittance inflows, the United Kingdom 11.0%, Canada 9.8% and the Cayman Islands 5.9%. source
The World Bank puts Jamaica's personal remittances received at US$3,699 million in 2025 (World Development Indicators, updated 8 October 2026). source
The BOJ lists 225 remittance companies at 466 locations as at 23 October 2026. source
The BOJ lists 41 cambios at 132 locations as at 28 October 2026. source

Licensing: who can pay out in Jamaica

The Bank of Jamaica has supervisory and licensing authority over money transfer and remittance agents and agencies, under authority delegated by the Minister of Finance on 11 February 2005 pursuant to section 22B(6) of the Bank of Jamaica Act; the approved primary agents are Alliance Financial Services, GraceKennedy Remittance Service, JMMB Money Transfer, JN Money Services, Lasco Financial Services, Paymaster (Jamaica), TFOB (2021), VMBS Money Transfer Services and Supreme Ventures Fintech. source
A primary agent is the licensed remittance company that contracts with an overseas remittance provider; it must keep foreign currency settlement accounts in its own name for settlement with that provider, and report all transactions to the BOJ electronically each business day. source
A remittance approval under section 22G(2) of the BOJ Act does not allow the holder to buy, sell, borrow or lend foreign currency, except conversions incidental to the business, such as paying the JMD equivalent of an inbound remittance; unless the BOJ specifies otherwise, card-based inbound disbursements are not permitted under the directions. source
At end-2025 nine primary agents were in operation and 768 remittance licences had been issued, against 842 at end-2024; during 2025 the BOJ issued 59 new licences and 133 were relinquished or revoked. source
Jamaica's Virtual Asset Service Providers Act, 2026 (Act 15 of 2026) was assented to on 20 October 2026 but is not yet in force; until it is, there is no regime for licensing virtual asset service providers and no one can hold an FSC licence for virtual asset services (FSC notice, 26 October 2026). source

This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.

Payout rails in Jamaica

Rail	Operator	What matters for payouts	Source
JamClear-RTGS	Bank of Jamaica	Real-time gross settlement for large-value (J$1 million and above) and time-critical payments on accounts at the BOJ, with final and irrevocable settlement; participants include deposit-taking institutions, primary dealers and the Accountant General's Department.	source
ACH	Automated Payments Limited, operated by JETS Limited	Systemically important retail system, live since October 2002, that clears and settles cheques, direct debits and direct credits on a deferred net settlement basis; Retail Payments Jamaica Limited, chaired by the BOJ, oversees it.	source
JAM-DEX	Bank of Jamaica	Central bank digital currency held in wallets issued by banks, building societies, merchant banks or authorised payment service providers, paid by QR code or wallet ID.	source

The Jamaica payments stack, layer by layer

The providers below are a starting shortlist for each layer, described from their own documentation. Confirm terms, coverage and licences with each provider.

Payout and collection partners

Provider	What it does in Jamaica	Source
GraceKennedy Money Services	Western Union's partner in Jamaica since 1990; recipients collect cash at GraceKennedy locations or receive Western Union transfers directly into accounts at FGB, BNS, NCB, CIBC, JN, Sagicor, VMBS and JMMB.	source
LASCO Money Transfer	Pays remittances from partners including MoneyGram, Ria, Boss Money and Remitly for cash pickup at LASCO Money Stores and LASCO Money Agents island-wide, or onto the LASCO GOLD Visa prepaid card.	source
JMMB Money Transfer	Pays remittances from overseas partners including Ria, MoneyGram, Xoom, Remitly, Paysend, Taptap Send and Thunes, for pickup at JMMB Bank branches and agent locations or onto the JMMB Money Transfer Visa prepaid card.	source
Lynk (TFOB (2021) Limited)	Mobile wallet where users claim MoneyGram and Western Union remittances, with MoneyGram claims of up to J$100,000 a day.	source
Nium · our guide	Pays JMD by local wire to all SWIFT-enabled banks in Jamaica, listed as T2 delivery with a 07:30 UTC processing cut-off.	source

Local banking and settlement accounts

Provider	What it does in Jamaica	Source
National Commercial Bank Jamaica (NCB)	Offers treasury and FX solutions to manage liquidity, foreign exchange and cross-border payments, with correspondent banking services.	source
First Global Bank	Receives JMD transfers via RTGS through the Bank of Jamaica and USD wires through its correspondent Citibank N.A. (BIC CITIUS33).	source

FX and liquidity

Provider	What it does in Jamaica	Source
B-FXITT (Bank of Jamaica)	Rules-based, competitive, multiple-price tool through which the BOJ buys and sells foreign exchange with authorised dealers and cambios, deployed at the BOJ's discretion depending on market conditions.	source
JamClear-FXTP (Bank of Jamaica)	BOJ-owned platform, live since 1 June 2020, for real-time electronic USD/JMD trading between authorised FX traders, with final settlement of trades in JamClear-RTGS.	source
Authorised dealers and cambios	Only authorised dealers can trade foreign currency against Jamaican dollars, and cambios are licensed specifically to buy and sell foreign currency; exchange controls were abolished with the repeal of the Exchange Control Act in 1992 (Government of Jamaica filing).	source

KYC and KYB providers

Provider	What it does in Jamaica	Source
Didit	Reads the NIDS card, passport, voter's ID and driver's licence, with biometric liveness and AML screening that includes the Jamaica Constabulary Force watchlist.	source
National Identification System (NIRA)	The National Identification System is the primary source of identity assurance for Jamaicans; an entity needs the individual's permission to verify identity against it, and the individual is notified each time.	source

Funding and prefunding JMD payouts

Primary agents must hold foreign currency settlement accounts for netting with their overseas providers, and they can convert only where it is incidental to the business, such as paying the JMD equivalent of an inbound remittance. source
Customer RTGS transfers at Scotiabank Jamaica run from 08:00 to 14:30 on business days; transfers after the cut-off, at weekends and on public holidays are processed the next business day. source
The BOJ's B-FXITT sale of US$40 million on Friday 16 October 2026 took bids until 09:45, settled on Tuesday 20 October, limited each entity to 20% of the offer, and capped resale to end-users at a J$0.20 spread over the buy price. source
Jamaica is phasing out JMD cheques: from 1 September 2026 cheques of J$1 million or more are no longer processed, the threshold falls to J$500,000 on 1 March 2027 and J$100,000 on 1 September 2027, and cheques end on 1 March 2028. source
Since 1 January 2026 the United States has charged a 1% tax on remittance transfers, as the Electronic Fund Transfer Act defines them (transfers that consumers send to recipients abroad), when the sender pays the provider in cash, by money order, by cashier's check or with a similar physical instrument; transfers funded from an account at a US financial institution or with a US-issued debit or credit card are exempt. The sender owes the tax, and the provider collects it and remits it quarterly. source

Size the prefund to your runway target with the corridor runway calculator and the Jamaica holiday calendar.

Launch checklist

Plan: launch volume, the prefund sized to your runway target including weekends and holidays, the contracting entity and the funding route.
Open accounts: shortlist payout partners and a local banking route from the layers above, and prepare the onboarding pack.
Set up: read access to every new balance, a runway target with alerts, and the corridor in your daily reports.
Go live: the first prefund and a test payout, then daily monitoring.

Polynopsis turns this into one plan with named approvals, then shows every Jamaica partner, bank and wallet in one live position. See how a corridor launch works.

Frequently asked questions

Who can pay out remittances in Jamaica?

Remittance companies licensed by the Bank of Jamaica. Nine primary agents, including GraceKennedy, JMMB Money Transfer, Lasco Financial Services and TFOB (Lynk), contract with overseas providers and pay through their own locations and sub-agents.

Can remittance companies trade FX in Jamaica?

Not under the remittance approval alone. It covers only conversions incidental to the business, such as paying the JMD equivalent of an inbound remittance; buying and selling foreign currency needs separate approval.

How are bank credits settled?

Payments of J$1 million and above settle in the BOJ's JamClear-RTGS, which is final and irrevocable; smaller payments use the ACH run by JETS on a deferred net basis. Scotiabank Jamaica takes customer RTGS transfers from 08:00 to 14:30 on business days.

How does the Bank of Jamaica intervene in the FX market?

Through B-FXITT operations with authorised dealers and cambios. In the US$40 million sale of 16 October 2026, settlement was on 20 October and resale was capped at a J$0.20 spread to end-users.

Are stablecoin ramps licensed in Jamaica?

No. The Virtual Asset Service Providers Act, 2026 was assented to on 20 October 2026 but is not yet in force, and the FSC says no one can hold a licence for virtual asset services until it is.

How large are remittance inflows to Jamaica?

US$3,485.7 million in 2025, up 3.8%, and US$2,107.1 million from January to July 2026, up 4.8%. The United States supplied 69.0% in July 2026.

Other markets

Sources

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About Polynopsis

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