ST MICHAEL, BARBADOS — Chief executive officer of Digicel Financial Services Aniqa Sandhu announced during Fintech Islands Experience (FiX 2022) disclosed that the company has entered into a multi-market partnership with payment solutions provider Mastercard for the distribution of co-branded virtual and physical payment cards as part of its MyCash mobile wallet offering.

MyCash allows its holders to manage their money easily, conveniently, and securely through digital payments and cashless transactions. Available via an app, phone menu and in the future, via the web, the digital wallet has an effortless sign up process.

It also features a suite of services that make it very convenient for users to cash in, cash out or hold money, perform transactions between MyCash users and non-users, make bill payments and merchant payments and purchase top-ups.

The head of the financial technology arm of Digicel Group made the announcement at the Hilton Barbados hotel, where FiX 2022 is being held, while addressing the topic ‘How Digicel and its partners are powering innovation in the Caribbean.’

In a preamble to her announcement, Sandhu said that Digicel has developed the appetite, access and trust with consumers to make a difference in financial services and that this was because of implementing the “systems to ensure compliance with regulations”.

Following the session, Sandu joined Kiki Del Valle, executive vice-president, market development, Mastercard Latin America and the Caribbean, along with representative from both companies, in a beachside signing ceremony to finalise the deal.

According to Del Valle, the partnership combines “the powers of digital infrastructure [with] the opportunities that mobile payments represent.

“This is a great way for us to bring additional financial services…to find ways to better serve marginalised communities, particularly women [and] MSMEs [micro, small and medium-sized enterprises] and leverage the technology and the power of finding ways that consumers can make payments and MSMEs can receive payment,” she continued.

A release from Digicel Group explained that transactions are facilitated in a secure environment where the users’ data and cash are protected.

“So we’re really excited to be partnering with Mastercard…and leveraging the capability that they’ve built in partnership with Digicel…bringing those two together to serve the unbanked and the underbanked and work on developing the ecosystem,” Sandhu told a gathering under a gazebo at the Hilton Barbados.

“Mastercard has great labs in which they are innovating. We want to bring that to the region across the 25-plus markets that we have, so it’s a big milestone for us,” the Digicel Financial Services CEO added.

Already, MyCash is available in Jamaica and in the French-speaking Republic of Haiti under the brand MonCash. However, Sandhu revealed that since July the company has been using the Bank of Jamaica’s regulatory sandbox to test and enhance the capabilities of the mobile wallet. So far, MyCash has attracted 25,000 users in Jamaica.

Now, with eyes set on launching in Barbados within the next year, Digicel Financial Services has engaged the local regulator, the Central Bank of Barbados, expecting to receive approval to begin testing in its sandbox.

When asked how many markets Digicel and Mastercard are targeting for the roll-out of the digital wallet, Sandhu explained that it will still be Jamaica and Haiti.

“It is not just bringing in the technology; it also bring the human resources and the infrastructure and working with the regulators in each market,” Sandhu stated.

“It is a regulatory environment, so we do need to work with the regulator to make sure we are compliant. So, that is one of the dependencies we have,” she clarified.

Adding to this, Del Valle explained, “I think within the fintech space this is an opportunity to first gain access. This obviously has to be tied to the digital journey the consumer has been going through to eventually help facilitate additional use cases — investments, lending, savings — but also providing financial literacy.”

With the MyCash mobile wallet, holders can make purchases online, in store or make withdrawals from their balances at an ATM. Like a debit card, it can be linked to a bank account

Digicel and Mastercard previously had a partnership in Jamaica, which allowed linking the card to a bank account, with Sagicor Bank. In March this year, however, the commercial bank informed customers that it would have discontinued the use of MyCash prepaid card and its products effective May 11.

“We urge you to cancel all direct deposits and/or recurring payments immediately,” the notice said. “We recommend that you utilise all the money in your account as soon as possible and have your account closed by May 11, 2022,” Sagicor Bank advised customers without providing a reason.

Still, Digicel Financial Services has persisted in building out its agent network in Jamaica through Paymaster. It currently has a 6,000-strong network across Haiti.

While the company plans to replicate these successes across the Caribbean, it is also pursuing partnerships that will create “bank-to-wallet integration”.

Commenting on the onboarding process, Sandhu described it as “low KYC” and “low risk”.

“When you go into a bank branch the KYC [know your customer] requirements are much more comprehensive because these are high-value accounts. But when you go into the financial inclusion space it becomes low-risk and low KYC and so we serve you through the agent network,” she explained.

“So we’re going to keep enhancing our ecosystem. We’re still in the early stages but we’re still doing well,” Sandhu ended.