A Jamaican credit union is rolling out a mobile money solution that includes a plan to compete with Western Union. According to The Gleaner, a publication based on the island nation, the Jamaica Co-operative Credit Union League, or JCCUL, has been testing its Jamaica Credit Union ePayment Services and will make a more widespread launch on Monday.

The newspaper reports that JCCUL is in talks with MoneyGram International to sign up as an agent/receiver.

The Bank of Jamaica approved the mobile e-payment system last month, and this week JCCUL launched the first phase, which will offer bill payment, mobile phone credit top up and balance inquiries on credit union accounts. The ePayment Services will also offer users the ability to receive remittances and pull them into their digital account, the newspaper said.

JCUES is a $5 million initiative financed by JCCUL and Mozido Jamaica Ltd.

MoneyGram currently has less than 10 percent of the country's remittance market; the space is dominated by Western Union, according to the newspaper. The cooperative's plan to partner with MoneyGram still requires approval from the Bank of Jamaica.

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