BOJ approves SVL digital wallet

SUPREME Ventures Limited (SVL) is set to launch a digital wallet and prepaid Mastercard later this year as it continues to leverage its scale to penetrate financial services.

“A significant regulatory milestone in 2025 was the BOJ’s approval of a digital wallet and companion prepaid card. This addition to the SVFL [Supreme Ventures Fintech Limited] ecosystem is expected to be launched by the end of 2026,” SVL stated in its 2025 annual report released on Thursday.

SVL has been deepening its interest in financial services over the last five years via its subsidiary Supreme Ventures Fintech Limited (SVFL). SVFL was approved as a primary agent for remittances in November 2023 and had six company-owned locations in operation in 2024. SVFL is now waiting on the Bank of Jamaica (BOJ) to approve third-party retail outlets, which could take the number of remittance locations to 80 by the end of 2026.

The subsidiary also had 215 locations offering bill payment services at the end of 2025, with plans to roll out this service to more locations in 2026.

According to data from the BOJ, remittance inflows grew four per cent to US$3.49 billion, with bill payment services rising five per cent to $731.7 billion in 2025. The size of these markets demonstrates the potential opportunities that exist for SVL to diversify its business and offer complementary services to its customers.

SVL’s main business model involves customers playing fixed (Cash Pot) and non-fixed odd (lottery) games, with the option of being rewarded if their prediction occurs. Customers play these games by using any of the 1,400 retail outlets spread across Jamaica. SVL doesn’t own all these retail outlets but pays a commission to the owners who operate those locations which can be found across the length and breadth of Jamaica.

The combination of pin codes/prepaid phone credit, remittances and bill payment, on top of the existing gaming business, creates an opportunity for SVL to become a convenient one-stop point for Jamaicans engaging in their daily affairs. The prepaid Mastercard also reduces cash-handling costs while simultaneously getting more Jamaicans comfortable with digitised financial services.

“The evolution of Supreme Ventures Fintech Limited (SVFL) continues as the company implements its strategic vision after securing approval to operate remittance services. With foundational infrastructure now established, SVFL is poised for profitability and expansion in its customer base and service offerings in the coming year,” SVL added on its outlook for its subsidiary.

SVL is among the latest firms to be approved by the BOJ under its FinTech Regulatory Sandbox, which is a controlled environment for the deployment and testing of financial technology.

The BOJ’s 2025 annual report noted that six applications were approved for testing in 2025, with the total number of applications in testing moving to 29. These applications cover products such as mobile wallets, debit cards and prepaid card offerings.

The BOJ’s website currently lists 20 payment services providers (PSPs) and their authorised products. Most of these authorised products are prepaid cards, with GraceKennedy Remittance Services Limited and LASCO Financial Services Limited being mainly remittance firms. TFOB (2021) Limited, operators of the Lynk Wallet, recently launched a virtual Visa card in its mobile application.

These new products are meant to help improve financial access for Jamaicans while reducing cash costs for businesses. The BOJ noted that the value of debit card transactions spiked 43 per cent in 2025 to $1 trillion, relative to the $324.5 billion of physical currency in circulation.

While different firms continue to test new products in the Sandbox, the BOJ is currently waiting for additional banks to introduce their digital wallets so as to improve Jam-Dex usage. Only the JN Pay and Lynk wallets can be used to handle Jam-Dex.

“Two additional wallet providers [commercial banks] are on track to launch their respective digital wallets by the June 2026 quarter,” the BOJ stated.