GraceKennedy Financial Group: Excellence in Digital Financial Innovation Jamaica 2024
GraceKennedy Financial Group (GKFG) delivers a comprehensive suite of financial services throughout Jamaica and the wider Caribbean. The Group’s offerings span banking, insurance, investments and money services including remittances, catering to diverse customer needs with well-recognised brands fundamental to daily life.
Recognising an over reliance on cash, and a fear of formal banking, GKFG embarked on a digital innovation journey aimed at financial inclusion and customer focus.
A key achievement is the introduction of a mobile wallet – GK ONE – with a companion prepaid card in partnership with Visa, enabling remittance recipients to access and utilise funds seamlessly across multiple platforms. The card facilitates online transactions and is accepted at hundreds of ATMs locally and thousands of merchants locally and internationally, enhancing financial fluidity.
Moreover, leveraging simplified due diligence regulations, the GKFG developed a user-friendly digital entry system simplifying customer onboarding and broadening financial access.
The strategic vision extends to creating a financial services super app, which will eventually allow users to access all GraceKennedy Financial Group services within one digital ecosystem. This digital expansion not only addresses immediate financial transactions by allowing customers to collect their remittances on their phones but also essential financial products like bill payments, and insurance purchases thus bolstering financial resilience among users.
The company’s leadership is lobbying for regulatory frameworks and pioneering digital integration has also facilitated partnerships with other financial entities, broadening the reach and impact of GKFG’s innovations.
As GKFG continues to expand its digital footprint beyond Jamaica, it remains committed to financial inclusion, economic development, and community support. The CFI.co Judging Panel is delighted to congratulate GraceKennedy Financial Group on winning the 2024 award for Excellence in Digital Financial Innovation (Jamaica).
