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 pilot the Lynk payments platform – a conduit for the bank’s participation in the central bank digital currency (CBDC) pilot project.
The subsidiary marked NCBFG’s entry into the fin-tech space.
Lynk is NCBFG’s technology backbone and ecosystem for a range of financial products.
Speaking at the company’s recent investor briefing, CEO Patrick Hylton said the company had been able to expand its financial services to the unbanked through Lynk.
“Since its launch in December 2021, over 170,000 unique customers and over 4,700 merchants have joined the platform,” Hylton said during the meeting.
“With Lynk, payments to businesses and transfers to individuals are both free and instant. Paperless registration can be done through a mobile device, eliminating the need for customers to travel to a branch or any other location to register,” he said.
The Jamaican remittance market is currently valued at US$3.49 billion, up from US$2.90 billion last year.
Lynk Wallet, which launched in late 2021, currently offers multiple payment options to wallet holders, including local money transfers, bill payments, and mobile recharges.
NCB Financial was incorporated in April 2016 as a new holding company to meet regulatory requirements to separate its banking operations from its insurance operations, which had previously existed for decades.
The NCB Group is Jamaica’s largest and most profitable financial services group, with roots dating back to 1837.