Mozido, a mobile financial services provider, and the Jamaica Cooperative Credit Union League, through its subsidiary Centralized Strategic Services Ltd, have partnered to create a mobile wallet, branded as Jamaica Credit Unions E-payment Services. The wallet is intended to extend financial services to Jamaica's underbanked population.

After a one-year initial phase, the Bank of Jamaica has approved the phase-two pilot of the mobile wallet, now allowing any Jamaican to sign up, add money and pay for goods and services without the need for a bank account, according to the press release. The credit union league represents 42 financial institutions that serve over a third of Jamaica's consumers, according to the report. 

"Nearly 70 percent of Jamaica's population is underbanked, so the national availability of the JCUES mobile wallet will significantly transform the financial landscape of Jamaica, much like how M-Pesa revolutionized financial services for Kenyans," Kavin Hewitt, CEO of Mozido Jamaica, said in a statement. "Any Jamaican citizen with an SMS-based mobile phone will be able to manage their own finances on their own terms without paying exorbitant fees."

​Mozido and the Credit Union League expect early adoption numbers of around 50,000 users by the end of this year, according the announcement.  

The JCUES mobile wallet will enable consumers not only to pay for goods and services, but also to gain access to traditional transactions such as bill and loan payments, remittances, deposits and withdrawals, according to the press release. Merchants will be able to take advantage of the technology as well as offer consumers loyalty and marketing programs.