Jamaica’s original mobile money service Conec is to cease trading after four years in business, the cooperative of credit unions which set up the business confirmed.
The mobile wallet started as JCUES in 2013, having been founded by the Jamaica Co-operative Credit Union League (JCCUL) as part of a drive to develop a mobile payments ecosystem on the island.
Rival services Quisk, developed by the National Commercial Bank, and Caribbean conglomerate GraceKennedy’s GK MPay are also available in the country.
According to an interview with JCCUL general manager Glenworth Francis, published in The Gleaner, Conec is closing down because the organisation concluded the market is “not ready” for the wallet service and ecosystem needed much more time to develop.
Francis added the JCCUL had re-examined its strategic goals and decided there were “greater priority” areas to channel its efforts into.
The union is said to have invested $2 million in the service, which will now be written off.
Conec accounts will be closed tomorrow (30 November) and customers have been told to either use funds or transfer them back to their associated credit union bank accounts.