IT all started with one man’s vision to transform the way Jamaicans conduct financial business.

The late Lascelles Chin had envisioned a company that would provide ordinary Jamaicans with easy access to financial transactions while boosting foreign currency inflows into the economy.

Jacinth Hall-Tracey, now managing director of Lasco Financial Services Limited (LFSL), was next to Chin as he vocalised his vision for the company back in 2004. She vividly recalls how the parent company got started and what spurred the development of its subsidiaries.

“I have had the pleasure of working with the Honourable Lascelles Chin from the beginning of the Lasco Financial journey. His vision was very clear: Give ordinary Jamaicans convenient access to financial transactions and increase the inflows of foreign currency into the Jamaican economy — thus began the story of Lasco Financial Services Limited and Lasco Remittance Services Limited,” Hall-Tracey said.

In November 2004, Lasco Remittance began paying MoneyGram transactions; Lasco Financial preceded in March of the same year with cambio transactions.

By then, Hall-Tracey was appointed general manager of the two companies.

“I recall the excitement-filled day when we went live with MoneyGram and our 10 agents, as we embarked upon our journey of making a mark in this industry. LFSL was the last of six Jamaica MoneyGram agents,” she continued.

The business model

LFSL’s business model was straightforward: Leverage the relationship Lasco had to get agents and sign them up for the MoneyGram service. The US dollars received from MoneyGram would be sold through its cambio.

The approach created a mutually beneficial ecosystem: agents offloaded excess cash; remittance customers accessed more convenient locations within their communities; MoneyGram expanded its footprint in Jamaica; and Lasco Financial contributed to increasing foreign exchange flows.

By 2007 the model propelled Lasco Financial Services to become MoneyGram’s fastest-growing agent and by 2012, it further solidified its market position through acquisition, and was the top receiving agent for Jamaica and the Caribbean and one of the top 10 MoneyGram receiving agents globally.

“It has been a journey of resilience, adoption, innovations, challenges and great success. Our business model began as a cash-disbursing network, making bold and differentiating moves within the industry to engage customers and agents,” Hall-Tracey said.

“This quickly led to us becoming MoneyGram’s fastest-growing agent in 2007, and we further expanded upon the acquisition of the MoneyGram network from Supreme Ventures in 2012, giving us a significant slice of MoneyGram’s market volumes,” she continued.

Lasco Financial Services’ journey is marked by a number of events.

In 2006 the company expanded its offerings by providing loans to staff, followed by payments to coffee farmers on behalf of a major purchaser in 2010. In that same year it was listed on the Junior Market of the Jamaica Stock Exchange after successfully selling 24.5 million shares, and implemented a 10-for-1 stock split three years after in 2013. Before that though, in 2011, bMobile Top-Up sales were introduced through its branches.

In 2012, Lasco Financial launched Jamaica’s first drive-thru cambio. By 2013, Lasco Financial began MoneyGram operations in Barbados through its subsidiary, Lasco Financial Services (Barbados) Limited.

Continuing its path of innovation, Lasco Financial became a reseller for Huawei phones in 2015, and in 2017 it collaborated with Guardian Life Limited to offer affordable health insurance. Its expansion continued with the acquisition of Lasco Microfinance in 2018, and the addition of Ria Money Transfer and the Lasco Pay card in 2019. By 2021 the company was approved for a Visa issuing licence, and received Fintech Sandbox approval for the Lasco Gold and Lasco Biz e-commerce solutions — an accomplishment that Hall-Tracey believes cements the company’s position as a leader in the financial services industry.

However, its path has not been without challenges. Since 2019 the anticipated growth in revenues has been elusive, the company said. The loans business, Lasco MicroFinance, has yet to fully compensate for the declining income from remittances, and investments in digital transactions have resulted in inconsistent earnings.

Earlier this year the company also had to face transitions at the executive level with the passing of founder and former chairman, Lascelles Chin, in May 2023.

“Despite these hurdles our commitment to innovation and customer service remains steadfast,” Hall-Tracey said. Our chairman left an organisation that is solid, with strong foundation and core values, and well-positioned for growth — guided by our vision and mission.” she continued.

Celebrating 20 years and looking ahead

Lasco Financial, the smallest of three affiliated companies alongside Lasco Manufacturing and Lasco Distributors, is celebrating 20 years of providing financial value this year under the theme: ‘2020 Vision: Looking Back, Looking Forward’.

“The journey of Lasco Financial Services is one of vision, resilience, and unwavering commitment to innovation. As we navigate the evolving financial landscape we remain dedicated to making a significant impact on Jamaica’s economy and the lives of its people, ensuring that our legacy of financial inclusion endures for generations to come,” Hall-Tracey said in advising shareholders of the company’s plans.

She added that Lasco Financial aims to deliver services more efficiently, providing greater value for its shareholders while continuing to serve customers with dedication and innovation.

“The upcoming financial year will see the roll-out of key initiatives designed to drive growth and solidify our market position,” she said, noting that the company’s passion for financial inclusion drives everything it does.

Looking ahead, Hall-Tracey said Lasco Financial plans to diversify its service delivery, offering a blend of cash and digital transactions. As consumer preferences shift, the managing director said the company will transition towards more digital services.

“The financial landscape is competitive, with banks and fintech companies vying for remittance cash flows. However, LFSL’s strong foundation and extensive footprint give us a unique advantage. We are increasing our remittance partners, scaling our digital services, and enhancing our Lasco Gold Visa prepaid card to ensure we remain at the forefront of the industry,” she said.