Kingston, Jamaica – July 11, 2025 — Four of Jamaica’s largest banks are preparing to overhaul their payment infrastructure in a coordinated effort to eliminate outdated fees and modernize transaction processing. Cornerstone Merchant Bank, Scotiabank, National Commercial Bank (NCB), and First Global Bank (FGB) are all in various stages of adopting a streamlined backend system developed by rising fintech player Renozan Limited.
The shift is expected to reduce merchant service charges, enhance processing speeds, and offer more cost-effective digital payment tools across the island.
Breaking from Legacy Cost Structures
Banks have long relied on traditional processing models burdened by high per-transaction fees and rigid settlement structures. With rising demand from merchants for more transparent and affordable systems, institutions are under pressure to reform.
“Merchants want lower fees. Banks want to remain competitive. This infrastructure move addresses both,” said a source familiar with the initiative.
- Cornerstone Merchant Bank is targeting fee reduction as a core part of its digital growth strategy.
- Scotiabank is reviewing alternatives to legacy merchant processing to better serve small businesses.
- NCB is evaluating cost-efficiency models for high-volume retail operations.
- FGB is reportedly furthest along, testing fintech-backed infrastructure in key merchant corridors.
The Fintech Factor
Renozan Limited, which operates a national network of over 1,200 merchants, has emerged as a preferred backend partner. Its infrastructure offers banks a pathway to reduce transaction costs without compromising on compliance or control.
While not the only fintech in the space, Renozan’s revolutionary fee-orchestration model—designed to strip out inefficiencies at every stage of payment processing—has rapidly positioned it as the infrastructure of choice for banks seeking an immediate low fee structure reform.
If fully adopted, this shift could redefine how Jamaican merchants are charged for digital payments—potentially slashing millions in annual fees. For the banks involved, it’s a chance to reassert relevance in a payment landscape increasingly influenced by fintech.
And for the wider economy, it could mean lower operating costs for businesses, better margins, and more inclusive financial tools.
