The initiative is labelled non-commercial because no fees are being charged by the DBJ and none will be required for use of ATM cards for withdrawal of funds once loans are approved.
M3 customers will be able to remotely access their NCB bank accounts from their mobile devices to check account balances and to make bill payments, transfer funds and carry out commercial activities such as person-to-business transactions and payments for goods and services.
The M3 system will be implemented in four phases over a 12-month period and aims to capture more of the unbanked. It will require the opening of an account at NCB if the applicant is not yet an NCB customer.
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