JMMB Bank, in offering more solutions for micro, small and medium-sized enterprises (MSMEs), has rolled ou
t a new business debit card product.

Designed to cater to the cash management needs of MSME clients, the card offers business owners direct access to their cash, allowing them to make payments on-site or online with transactions powered by global payments provider Visa.

“The Visa business debit card allows safe access to cash at ATMs as well as access to point-of-sale machines. The card boasts most of the benefits of a credit card, without being burdened by additional debt-related cost and annual fees. Additionally, clients can use the card to manage statutory payments online and to engage with other government agencies,” country SME relationship specialist at JMMB Bank Kevin Foreman said.

The new debit card, which promises MSMEs unparalleled flexibility and control over their business finances, the bank said, will allow users to easily track transactions; separate personal and business transactions while managing their cash flow with greater precision.

“By enabling seamless tracking and categorisation of business expenses, this card empowers MSMEs to streamline their financial operations, improve cash flow management and to make informed decisions that will drive growth and efficiency across their businesses,” Foreman said.

Built-up with robust security features, the card denominated in both JMD and USD, boast EMV chip technology, fraud monitoring and real-time transaction notifications aimed at countering a number of cybersecurity attacks.

The roll-out of the latest card product, which falls in line with the regional group’s digital acceleration thrust, follows a number of other digital payment solutions targeting the SME segment, including a POS solutions with regional payment service provider, Wi-Pay. The bank in also looking to add credit cards to its suite of financial solutions, said plans are now in train for a similar roll-out sometime soon.

CEO OF JMMB Bank Jerome Smalling, in commenting on the banks latest card offering further, said that as the financial institution continues to add value for all its clients, it remains committed to the provision of financial partnerships and the creation of innovative financial solutions as it works to build out a network for businesses to receive the necessary support for growth.

“By fostering a supportive ecosystem for entrepreneurship, JMMB Group aims to catalyse the success of MSMEs and their contribution to national and regional development,” he stated.