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Central Bank Digital Currency to Facilitate Financial Inclusion

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#Jamaica, November 30, 2021 – Deputy Governor of the Bank of Jamaica (BOJ), Natalie Haynes, says Central Bank Digital Currency (CBDC) implementation is consistent with the Government’s overall financial inclusion strategy.

CBDC is a digital form of central bank-issued currency and, therefore, is legal tender that can be exchanged dollar for dollar with physical cash.  Households and businesses will be able to use CBDC to, among other things, make payments as now obtains with cash.

“Financial inclusion is access by all to financial services and products [and] is a critical factor of Jamaica’s digital transformation. The Bank of Jamaica contributes to this by acting in its role as technical secretariat of the country’s national financial inclusion strategy,” Mrs. Haynes notes.

Through the CBDC, the BOJ will contribute to the financial inclusion process by enabling Jamaicans to seamlessly access financial products and services.

“CBDC is simply a digital form of money issued by a central authority. The Bank of International Settlements defines CBDC as a digital payment instrument denominated in the national unit account that is a direct liability of the central bank. In other words, the Central Bank is responsible for the CBDC that is issued,” Mrs. Haynes explains.

“With amendments to the Bank of Jamaica Act, CBDC will become legal tender. Legal tender means that all merchants, whether for goods or services, will confidently accept CBDC and know that they will get value for the good or the service that they provided,” she adds.

Mrs. Haynes points out that the CBDC should not confused with cryptocurrency.

“CBDC is not a cryptocurrency. A cryptocurrency is privately issued, and it’s not backed by a central authority. So,  you have some of them out there [such as] Bitcoin, Ethereum and Ripple,” she informs.

The Deputy Governor tells JIS News that the central bank will be using the hybrid approach in introducing its CBDC.

“BOJ will not be issuing CBDC directly to retail customers. We are going to be issuing directly to deposit-taking institutions (DTI) that are licensed under the Banking Services Act; these are commercial banks, building societies, and merchant banks,” Mrs. Haynes outlines.  She adds that in order to foster financial inclusion, “we will also issue to a group called payment service providers, that are currently operating and testing payment products in the bank’s FinTech regulatory sandbox”.

The BOJ will be issuing CBDC to payment service providers and DTIs who, in turn, will distribute it to their customers, clients, merchants and consumers through either an E-money wallet, card networks or other digital options for persons and entities to utilise in transactions.

“In this case, the BOJ issues to wallet providers (the collective name for DTIs and payment service providers) on a wholesale basis, just as we do with physical cash. When a bank wants physical cash, they place an order with BOJ and then they send their cash in transit courier to BOJ to collect the cash. In this case, they will still place their orders with BOJ, and we will issue them with the digital currency,” Mrs. Haynes explains.

The Deputy Governor is reassuring Jamaicans that the CBDC will add to the current pool of retail payment instruments in Jamaica, such as debit and credit cards, as well as prepaid cards offered by payment service providers.

“Think of it, basically, as cash that you have in your wallet. In this case, you’re going to have a digital purse or wallet. It is not e-money, which is a liability of e-money issuers, and, of course, because it is very much like cash, it does not earn interest. CBDC in Jamaica is going to be only for domestic use and will not be used for cross-border transaction,” Mrs. Hayes says.

She points out that one chief benefit of the CBDC is that there will be a more inclusive system for persons where every citizen will have a quick, safe and reliable digital retail payment instrument.

“It’s more efficient than cash. It is instantaneous, even for remote transaction, meaning you don’t have to be in front of the person. For cash, you have to be in front of the person to exchange cash. We can do person to person, person to business, and it goes both ways,” Mrs. Haynes adds.

She says the CBDC is also an incentive for persons who are apprehensive about the formal banking system to reap benefits if they plan to start a business.

“For example, you have a CBDC wallet with bank ‘A’ and then after a couple months of operating, your bank knows you and you can say ‘hey, I need a loan for my medium to small or microbusiness’; it gets you into the formal system. If your bank doesn’t know you and doesn’t know you exist, then it’s going to be very difficult to obtain those facilities,” Mrs. Haynes tells JIS News.

To access the CBDC, the Deputy BOJ Governor says customers will need to have a wallet, which is going to be different from your regular bank account.

“Of course, it’s going to be much easier and simpler to obtain with streamlined and simplified Know Your Customer (KYC) requirements,” Mrs. Haynes states.   She also states that once an individual has a relationship with a bank, in that they already have a bank account with them, they can automatically get a CBDC account.

For those who are unbanked or do not have an account, then DTIs and authorised payment service providers will be able to onboard these individuals, who can then request a CBDC account.

To carry out CBDC transactions, consumers will be able to access, download and deploy a mobile wallet app on any mobile phone, tablet or similar device using the networks of both major telecoms service providers.

Customers will be able to top up their accounts with CBDC through all authorised agents or smart ABMs and do business using CBDC phone-to-phone with merchants.

“To get CBDC wallet, simply contact your wallet provider of choice. If you do not have a bank account, all you need when setting up your CBDC account is your name, Tax Registration Number (TRN), and government-issued photo ID (driver’s licence, passport or voter ID card),” Mrs. Haynes said.

When the CBDC is fully launched, all Jamaicans will be eligible for a CBDC wallet subject to the simplified KYC and the wallet providers’ risk assessment of the customer.

The BOJ is slated to commence national rollout of the CBDC platform during the first quarter of 2022.

It is anticipated that, by then, additional deposit-taking institutions (DTIs) will be onboarded to enable the issuing of wallets to facilitate an expansion of the number of individuals and businesses utilising the currency.

National Commercial Bank (NCB) is currently the sole DTI participating in the CBDC pilot, which commenced in June and is slated to conclude in December.

 

By: Lisa Rowe

Release: JIS

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Browne Wins Fourth Term in Antigua & Barbuda Landslide

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Antigua & Barbuda, May 4, 2026 – Prime Minister Gaston Browne has secured a historic fourth consecutive term in office, leading the Antigua and Barbuda Labour Party to a commanding victory in the country’s snap general election held April 30, 2026.

Preliminary results show Browne’s party capturing 15 of the 17 seats in Parliament, tightening its grip on power and dramatically weakening the opposition.

The main opposition United Progressive Party was reduced to just one seat, held by its leader, while the Barbuda People’s Movement retained its single constituency in Barbuda.

The result marks a major political turnaround for Browne, whose party had won a much narrower 9–7 majority in the 2023 election before rebuilding support through defections and by-elections.

Voter turnout figures vary in early reports, with initial estimates indicating participation of around 35.8 percent, or roughly 22,700 voters out of more than 63,000 registered. However, broader election data suggests overall turnout may have exceeded 60 percent, reflecting steady engagement despite political tensions.

The election, called nearly two years ahead of schedule, was shaped by concerns over the cost of living, global economic pressures and fallout from U.S. visa restrictions linked to the country’s citizenship-by-investment programme.

Despite those issues, Browne campaigned on economic stability and continued development, pointing to a strong tourism recovery and ongoing infrastructure expansion.

The decisive victory now strengthens his mandate, but also raises questions about the future of the opposition, which faces internal challenges after significant losses at the polls.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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FIGHT FOR CONTROL OF STEWART TOURISM EMPIRE PLAYS OUT IN COURTS

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May 4, 2026 – This is not just a family dispute.  It is a fight over control of a tourism empire.

At the centre is Adam Stewart, who has secured a series of legal victories across the region as challenges continue over the estate and leadership structure of Sandals Resorts International.

The multi-billion-dollar conglomerate was built by the late Gordon “Butch” Stewart, whose passing in 2021 set off a complex and ongoing dispute involving family members, estate arrangements and control of the business.

In recent rulings, courts in both The Bahamas and Jamaica have reinforced Adam Stewart’s position, effectively allowing him to continue leading the company while defending his role against legal challenges.

One key issue has centred on the interpretation of estate provisions, including whether defending his leadership could jeopardise his inheritance. The courts have ruled in his favour, clearing the way for him to maintain control without penalty.

For now, those decisions bring a measure of stability to one of the Caribbean’s most influential tourism brands.

But the matter is far from settled.

Multiple legal challenges and competing claims within the Stewart family remain active, meaning the future structure of the company is still being contested.

The implications stretch well beyond the courtroom.

Sandals operates across several Caribbean nations, including The Bahamas, Turks and Caicos Islands, Jamaica and Saint Lucia, making it a critical player in regional tourism, employment and investment.

Any uncertainty at the top of the organisation has the potential to ripple across economies that rely heavily on the brand’s continued expansion and stability.

For now, Adam Stewart remains firmly in charge.  He was named Executive Chairman of Sandals Resorts International in 2021.

Still, many are keen on the outcomes of ongoing litigation, as the battle over one of the Caribbean’s most powerful business empires is still unfolding.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Sandals and Beaches Women Master the Art of Hospitality Leadership  

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Montego Bay, Jamaica, April 22, 2026 — At Sandals and Beaches Resorts, leadership excellence is par for the course. This is increasingly evident as the Sandals Corporate University (SCU) continues to provide team members with extraordinary opportunities for higher education, growth and professional development.

Facilitated through the SCU, the programmes offered executive team members the opportunity to pursue advanced studies with Les Roches, an internationally recognised Swiss hospitality university accredited by the New England Commission of Higher Education (NECHE). Renowned for its comprehensive hospitality curriculum, Les Roches was also recently ranked #2 in the world in Hospitality & Leisure Management by the QS World University Rankings 2026.

The graduating group included EMBA recipients: Heather Effs, regional manager, entertainment – Sandals Resorts, Jamaica, Della John, general manager at Sandals Grande St. Lucian and Melissa Stacy Giddings, regional manager, entertainment in the Eastern Caribbean. Also graduating was Senior Wedding Manager at Sandals Royal Bahamian, Samaria Smith-Cooper who completed the EMIHM programme.

While studying for their degrees, the EMBA students were able to enhance their experience through immersive classroom learning, travelling to the Les Roches campuses in Switzerland and Dubai to participate in the institution’s Residential Weeks. Both weeks, which took place at the start and toward the end of the course, provided the leaders with opportunities for in depth academic exposure, training and collaboration with fellow students from around the world.

Reflecting on their experiences and their decisions to pursue higher education through the SCU, each graduate expressed long standing aspirations to further their education and earn their master’s degrees and extended gratitude to the SCU for making those dreams a reality.

John, who graduated with distinction, shared that it was a proud and emotional moment when she crossed the stage to collect her certificate. She recalled that while the programme was demanding, the opportunity to deepen her knowledge of the hospitality industry on a global level made the journey a rewarding one.

“Education has always been intrinsic to who I am. I believe we must continuously learn so we can grow in this industry where we serve and lead others. This programme allowed me to sharpen my tools as a leader while gaining a broader global perspective on hospitality and tourism. Collaborating with professionals from different countries and cultures was an incredible experience and it challenged me to think differently about the future of our industry,” she remarked.

“My journey continues as I will keep sharing what I have learned to strengthen our teams and our brand every single day.”

For Giddings, the opportunity to network, study with her colleagues and lean into the vastness of hospitality was all the motivation she needed to embark on her Les Roches journey.

“I thought to myself, this was my chance to learn, expand and grow with two women I highly admire and respect.”

She noted that the coursework itself was not without its challenges, but she recognised the value in pushing forward to earn her degree which would inevitably allow her to take the next step in her career.

“It is an investment in yourself. I feel a profound sense of achievement and confidence and I feel prepared and excited about the opportunities that lie ahead,” she added.

Smith-Cooper shared that the EMIHM programme was the perfect opportunity to discover what she was capable of. However, between  designing dream destination weddings for couples and navigating parenthood and life in general, she admitted that the undertaking was no small feat.

“One of my biggest challenges was balancing school with my everyday responsibilities at work, at home and in my personal life but this experience showed me that my capacity could grow.”

Despite the demands, she credits determination, self-belief and the encouragement of a strong support system for helping her see the journey through.

“Today, I feel proud, relieved, accomplished and more confident. This programme has helped to build my skills and prepare me for new responsibilities and future opportunities.”

Effs, who also earned her EMBA with distinction, regarded the experience as a transformative step in her professional journey.

“Pursuing this programme was truly a leap of faith for me. The coursework challenged me intellectually and professionally, but each module stretched me in the best way. I was constantly learning, applying and evolving.”

The regional entertainment manager also encouraged other team members to take advantage of the opportunities available through SCU.

“To anyone considering taking the next step through SCU, my advice is simple: take the leap of faith. Trust yourself. Tap into your superpowers. Growth begins the moment you step outside of your comfort zone. The journey may challenge you, but it will also transform you,” Effs added.

Speaking on the partnership with Les Roches, Senior Corporate Director of the SCU, Dr. Luz Longsworth expressed her appreciation for the calibre of hospitality training offered by the institution.

“Les Roches’ commitment to working with the Caribbean really impressed us and we were excited to take a team to Marbella to visit their campus and explore the possibilities for collaboration. The quality of the programme strengthens the capacity of our leaders to navigate the complex and ever evolving world of hospitality and it is highly relevant to the needs of our region,” she shared.

The Sandals Corporate University remains committed to empowering team members through world class training and educational opportunities. By investing in leadership development and professional advancement, SCU continues to equip its people with the tools needed to grow while helping to shape the next generation of hospitality leaders across the Caribbean.

Captions:

Header: SCU Grads 1: Regional Manager, Entertainment – Sandals Resorts, Jamaica, Heather Effs can’t help but strike a playful pose after crossing the Les Roches stage to collect her degree; and SCU Grads 2: Della John, general manager at Sandals Grande St. Lucia is snapped on stage with the Les Roches team at the graduation ceremony held in Switzerland.

1st insert: Senior Wedding Manager at Sandals Royal Bahamian, Samaria Smith-Cooper takes a quick selfie moment post-graduation.

2nd Insert: Melissa Stacy Giddings, regional entertainment manager for the Eastern Caribbean is all joy after completing the postgraduate programme.

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