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Mastercard has announced plans to formalize 50,000 Jamaican micro, small, and medium-sized enterprises (MSMEs) by 2030. The company aims to achieve this through expanded access to digital payment solutions and partnerships with both public and private sector entities.
Speaking at a media roundtable in St Andrew, Mastercard Country Manager Dalton Fowles emphasized that small businesses are a critical part of global economic growth. He said the company’s upcoming initiatives will include discounted access to business tools, support from attorneys to help register enterprises, and collaborations with government agencies.
The partnership with the Ministry of Industry, Investment, and Commerce and the Jamaica Business Development Corporation will help entrepreneurs gain financial literacy and integrate into formal systems. Mastercard also plans to work closely with local governments and banks, including the National Commercial Bank, to make digital transactions easier and more accessible.
Findings from a recent Mastercard study revealed that 91 percent of SMEs using digital payments reported improved business performance. The initiative could mark a turning point for Jamaica’s informal economy, helping thousands of small entrepreneurs strengthen operations and build credibility.