The Bank of Jamaica (BOJ) says the pilot of its much-anticipated Central Bank Digital Currency (CBDC) will start next month.

The test was expected to start in May.

BOJ Governor Richard Byles says technical support, among other inputs, are now being reviewed to facilitate National Commercial Bank (NCB) as the first financial institution to test the system.

He says between September and December, more banks will also be recruited to pave the way for a full roll-out of the digital currency in 2022.

The CBDC will only be sold to licensed commercial banks, deposit-taking institutions (DTIs) and payment service providers authorised by the BOJ.

The financial institutions will hold the CBDC in digital wallets for customers to access and make purchases, or receive payments from mobile phones.

Eppley to refinance debt

Eppley will be issuing three new classes of preference shares to help refinance it’s $1.21-billion (US$8-million) debt. The shares can be upsized to $1.45 billion (US$9.7 million).

Eppley is looking to issue 15 million Class A preference shares with a five per cent rate due in 2023; 25 million Class B preference shares with a 7.25 per cent rate due in 2026; and 20 million Class C preference shares with a 7.75 per cent rate due in 2028.

All of the preference shares are priced at $20 (US$0.13) each. A minimum of 200 shares or $4000 (US$26.66) is required to subscribe to the offer.

General manager of Eppley, Justin Nam, told the Business Observer that the company intends to deploy the additional funds in its asset management and proprietary investment portfolios for the remainder of 2021.

GK Remittance Services dominates

Group CEO of GraceKennedy Limited, Don Wehby, says the group’s remittance business continues to dominate market share.

In a statement to the Jamaica Observer, Wehby said the company has seen considerable growth over the last year and in the first quarter of 2021, in keeping with the trends reported by the Bank of Jamaica.

He says the numbers are also tracking ahead of the total market inflows for the first quarter of the year.

GK Remittance Services offers Western Union.

While giving no specific numbers, both Western Union and MoneyGram have reported improved market positioning 15 months after the advent of COVID-19 due to greater use of digital platforms.