Mastercard Targets 50,000 Jamaican Small Businesses for Formalization by 2030

Global financial services provider Mastercard has announced a plan to integrate 50,000 Jamaican micro, small, and medium-sized enterprises (MSMEs) into the formal economy by 2030. The initiative aims to expand access to digital payment systems and strengthen financial inclusion across the island.

Key Details

During a media roundtable held in St Andrew on October 15, Mastercard’s Country Manager for Jamaica, Dalton Fowles, revealed that the company will focus on empowering small businesses through digital payment solutions, capacity building, and partnerships between the public and private sectors.

“In fact, while I can’t get into a lot of those details, I can tell you that between now and 2030, it is our intention to bring at least 50,000 micro-businesses in the formal economy. A lot of those discussions are well underway, well advanced, and it will be [a] partnership between public and the private sector,” Fowles said.

According to the Ministry of Industry, Investment and Commerce, Jamaica has approximately 425,000 small businesses, but only around 14,000 are formally registered with the national tax system. Mastercard’s goal, therefore, represents a significant step toward expanding formal participation in the financial system.

In Jamaica, small businesses are defined as entities employing fewer than five people and generating less than J$15 million annually. Medium-sized enterprises employ up to 50 people with annual revenue between J$15 million and J$75 million.

Background

Fowles explained that Mastercard’s strategy aligns with the company’s regional objective to strengthen economic participation in Latin America and the Caribbean. The company views micro and small businesses as “the next huge opportunity” for financial and digital inclusion.

“We do have partnerships where, depending on the sort of product that we have, those micro-businesses will get access to those tools, sometimes heavily discounted,” he noted. “We’re also looking to introduce — I don’t want to speak too soon here — where we’ll also be able to provide access to attorneys to help small businesses to register their businesses and so forth. But again, it’s in the works.”

Public-Private Partnerships

Mastercard will collaborate with the Ministry of Industry, Investment and Commerce and the Jamaica Business Development Corporation (JBDC) to advance the project. The JBDC’s role includes training entrepreneurs in financial literacy, operations management, and formal business registration.

The company is also working with local government bodies such as the St James Municipal Corporation, which signed a memorandum of understanding (MOU) with Mastercard in February 2025 to onboard craft vendors in Montego Bay.

In the private sector, Mastercard has already partnered with National Commercial Bank (NCB) to bring unbanked MSMEs into the digital payments network, allowing them to accept card transactions and access online payment systems.

Mastercard LAC Study Insights

Fowles referenced a study commissioned by Mastercard across Latin America and the Caribbean between March and April 2025. The research found that 91% of SMEs that accept digital payments reported notable business growth, citing improved efficiency, time savings, and easier customer transactions.

Additionally, 75% of Jamaican SMEs already use digital channels to pay their suppliers, while many others have expressed a desire to adopt digital tools after losing customers due to limited payment options.

The study identified several barriers that digital transformation could address:

• Inefficient cash management

• Limited access to credit or capital

• Dependence on traditional banking methods

• Challenges in digitizing customer interactions

Fowles emphasized that Jamaica’s progress in digital adoption is on par with, or even ahead of, other Caribbean nations, pointing to the Tax Administration Jamaica’s acceptance of digital payments as an example of modernization.

Analysis

Mastercard’s initiative represents more than a corporate investment—it signals a long-term commitment to Jamaica’s economic formalization and resilience. By connecting small enterprises to digital systems, Mastercard can help drive transparency, efficiency, and growth within one of the region’s most critical economic sectors.

The partnership between government institutions and private corporations is expected to facilitate training, access to tools, and improved compliance frameworks that benefit both entrepreneurs and the broader economy.

Our Opinion

Mastercard’s plan to onboard 50,000 Jamaican MSMEs into the formal economy is both timely and strategic. With thousands of small businesses operating informally, this initiative could significantly expand Jamaica’s taxable base, improve access to financing, and empower entrepreneurs with the digital tools needed to thrive in a global market.

However, for the effort to succeed, sustained collaboration between government agencies, banks, and private sector leaders will be essential. The emphasis should remain on education, support, and transparency—not just digital onboarding.

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