Three years since its launch, JAM-DEX remains at a crossroads. Although the digital currency is fully operational, it still accounts for only 0.1% of Jamaica’s total money in circulation. In this article, we dive into the current stalemate between the Central Bank and commercial institutions and revisit the five critical roadblocks we identified back in 2023 to see how much has actually changed.
In early 2026, the sentiment surrounding Jamaica’s Central Bank Digital Currency (CBDC), JAM-DEX, remains a complex mix of technological readiness and operational stagnation. Although the Bank of Jamaica (BOJ) has “electrified the rails” for a digital revolution, the currency still only represents 0.1% of the total money in circulation.
A recent analysis by Janiel McEwan in the Jamaica Observer highlights a growing tension between the BOJ and commercial institutions. However, looking back at our earlier critique published here on ICT Pulse in 2023, Roadblocks to a successful digital marketplace for JAM-DEX: 5 critical issues to tackle, suggests that many of the foundational roadblocks identified years ago remain largely unaddressed.
The current stalemate
The most striking development in 2026 is the public irritation voiced by BOJ Governor Richard Byles, who recently accused deposit-taking institutions (DTIs) of holding back the economy Source: Jamaica Observer). The BOJ has gone as far as offering to subsidise 50% of the cost for merchants to upgrade Point-of-Sale (POS) terminals. However, the Jamaica Bankers Association (JBA) counters that the implementation costs are staggering and, more importantly, customer demand is nonexistent.
This chicken and egg conundrum—where merchants have not adopted JAM-DEX because customers do not use it, and customers do not use it because merchants do not accept it—has left JAM-DEX in a state of high-tech limbo.
Revisiting the 2023 roadblocks: Has anything changed?
In our May 2023 article, we identified five critical issues that needed to be tackled for JAM-DEX to succeed. Three years later, the progress report is mixed at best:
1. The lack of government adoption: In 2023, the government was criticised for not “putting their money where their mouth is.” Although there have been small pilots, such as paying seasonal workers with JAM-DEX, a major criticism levied by Mr McEwan in 2026 is the missed opportunity with the SmartFare system implemented by the Jamaica Urban Transport Company (JUTC). Instead of integrating the already existing and operational JAM-DEX, the bus company built a proprietary card system, adding a layer of plastic and friction that a digital wallet on the already ubiquitous smartphone could have instantly solved.
Further, most government ministries, departments and agencies still do not accept JAM-DEX. An exception appears to be the Tax Administration Department, which had conducted a pilot project to accept payments for traffic tickets, property taxes and motor vehicle road fitness fees via JAM-DEX. However, the option to pay any outstanding taxes online via JAM-DEX when submitting one’s 2025 personal income tax filing is still non-existent.
2. Wallet interoperability. This issue remains a sore point. Although more wallets exist, in addition to first movers Lynk and JN Pay, the seamless, cross-provider marketplace envisioned in 2023 still has not reached the scale necessary to replace cash.
Moreover, with some of the major commercial banks in Jamaica still not yet offering or facilitating the use of JAM-DEX by their customers, it is not straightforward to integrate JAM-DEX or allow the seamless transfer of funds between a JAM-DEX digital wallet and a bank account. Though it is possible to do so, there is friction, which disincentivises some consumers from using JAM-DEX when other options are available.
3. The overwhelming power of cash. In the three years since our article, cash remains king in Jamaica. According to a survey conducted by Branch Consulting and Outsourcing Services in 2025, 90% of Jamaicans have ready access to cash, and cash was the most widely used in-person payment method (Source: Radio Jamaica News). Hence, despite high-profile ATM crimes and other thefts of cash, as well as the hidden tax of handling physical notes, citizens still view cash as safe and familiar.
4. The lack of critical mass. The previously outlined chicken-and-egg situation has been hindering the growth in JAM-DEX take-up and use and is likely to continue unless some concerted interventions are made. However, as noted in the Observer article, although the JAM-DEX customer base is still small, the transaction values jumped 550% in one year, which suggests that it can become a valuable tool to those who have access to it. Unfortunately, JAM-DEX has yet to reach the tipping point needed for national relevance.
5. Digital illiteracy. This continues to be the silent barrier, which may seem at odds with the high mobile/cellular subscription rates in Jamaica, at over 100% of the total population, and with nearly 90% of the population using the internet. However, comprehensive and sustained programmes to improve digital literacy have not been established, which would not only improve citizens’ overall competence online but could also assuage their fears about managing ‘invisible money’ on a smartphone.
Additional issues hindering JAM-DEX adoption
Beyond the 2023 roadblocks, new challenges have emerged. First, the hesitancy of commercial Banks to push a zero-fee product like JAM-DEX that actively undercuts their own revenue-generating services is a legitimate concern. It undermines their longstanding revenue models, as most of these banks are listed on the Jamaica Stock Exchange, and so need to demonstrate their continued value to shareholders.
Second, the banks are currently overwhelmed by other technical mandates, such as the ISO 20022 messaging switch and maintaining physical ATM fleets, leaving little room for CBDC integration. There is thus an infrastructure prioritisationchallenge that would need to be addressed to secure their active facilitation of JAM-DEX.
Finally, there still appears to be a siloed approach to JAM-DEX integration across the Government. The decision by state entities such as the JUTC to build separate payment ecosystems not only suggests a duplication of effort and a frittering of funds since JAM-DEX exists, but also a lack of a unified national digital strategy that fosters greater efficiency and more seamless operations within the public service and with citizens.
The path forward
At this juncture, it seems that JAM-DEX is still considered a ‘BOJ experiment’ by policymakers. For this digital currency to become the backbone of the economy, the current discourse suggests the Jamaican Government must move beyond encouragement and toward action and mandates. This includes routing all public payments, such as pensions, national insurance, and other benefits, through digital wallets by default and requiring all government ministries, departments, and agencies, as well as large retailers, to accept the JAM-DEX.
The technology is live, and the growth rates among early adopters are promising. However, without a coordinated push to eliminate the friction between banks, the state, and the man on the street, the “digital dollar” may remain a currency that Jamaica built, but simply will not use.
Image credit: Canva AI
