The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961, terminating the Currency Board System which had been in existence from 1939. The establishment of the Central Bank was in recognition of the need for an appropriately regulated financial structure to encourage the development process, particularly as Jamaica was about to embark on the road to political independence.
CONEC Mobile Wallet is the ground-breaking solution that enables easy and secure financial transactions via your mobile phone or online, without the need for a bank account.
The innovative new service is brought to you by 'JA Mobile Payment Services Limited' (JaMobile), a subsidiary of the Jamaica Co-operative Credit Union League (JCCUL).
The "Tourism Enhancement Act, 2004," passed by Parliament in December 2004 and subsequently revised in October 2011, provided the legal basis for the establishment of a mechanism for the collection of a small fee from incoming airline and cruise passengers.
Specifically, the Act allows for:
The Tourism Enhancement Fund (TEF) was established on May 1, 2005 for the sole purpose of implementing the recommendations emanating from the Master Plan for Sustainable Tourism Development, 2002.