Sagicor may distribute PATH and CARE benefit payments via My CashWednesday, May 27, 2020
BY DURRANT PATE
Sagicor Bank is close to brokering a deal with the Government for using its My Cash prepaid card for the distribution of PATH and CARE benefit payments.
Already, Sagicor has gotten the green light from the Bank of Jamaica, which has given a “no-objection” for use of the prepaid card to transfer cash payments to beneficiaries of the Programme of Advancement Through Health and Education (PATH) and the Covid Allocation of Resources for Employees (CARE) Programme.
Sagicor Group President Chris Zacca, who made the disclosure, whilst speaking with the Jamaica Observer in a virtual press briefing last week, was optimistic at clinching a deal with the Government very soon.
“We have been working with the Government to see how we can take a share of those payments [PATH and CARE] going forward,” Zacca replied, in response to questions from the Business Observer.
He said very soon My Cash would be the means through which PATH and CARE beneficiaries receive their benefits in the next payment round, which the Business Observer understands, in the case of PATH, would be in another month.
Zacca made the point that through Sagicor's My Cash prepaid card, PATH and CARE beneficiaries would not have to go through long lines and even inordinately longer waiting periods to receive benefit payments.
MY CASH MARKETING PUSH
The Sagicor Group president disclosed plans to ramp up the marketing push for My Cash, which he described as the number one prepaid card in Jamaica, which has the added feature of being linked to a mobile app.
The My Cash prepaid calling card was created through the combined effort of Sagicor bank, MasterCard and Digicel, with the aim of making money transfer and payments accessible, safe, simple and available to all.
The card makes life easier – beginning with the sign-up. There are no fees to pay and no application forms to sign. Users don't even require a bank account. Just download the app, complete the registration form and submit with your government-issued ID.
MY CASH FOR THE UNBANKED
Zacca said that My Cash is the perfect product for the unbanked in Jamaica and for getting them into the formal banking system while pointing to the long lines over the last two weeks in which thousands of Jamaicans lined up for hours to receive CARE payments at Western Union branches.
He said this showed the extent of the unbanked in Jamaica, and emphasised that this represents a tremendous opportunity not just for Sagicor but the entire banking sector to bring them into the formal banking sector and allow them to access capital no matter how small.
Zacca explained, “My Cash still requires certain levels of Know Your Customer (KYC) but the BOJ is moving to reduce those levels of KYC to customers and I think as we go along, it is something we are going to push out even stronger to the unbanked.”
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