Dolla Financial Services Limited has officially named Kenroy Kerr as the company’s new chief executive officer (CEO).

Kerr’s appointment, which took effect on September 29, 2023, sees him transitioning from the role of interim CEO, a post he held for over two months following the resignation of former CEO and co-founder of the microlending agency, Kadeem Mairs, in July.

Kerr, the directors said, comes to the table with a wealth of knowledge about the company’s operations having served in various management and executive roles since joining the company in 2018. Some of these roles include head of credit & risk, chief operating officer, deputy CEO before serving as interim CEO for the last few months.

“I am committed to upholding the values and principles that have driven our success thus far and to further expanding the company’s presence in the microfinance sector,” Kerr has said at the time of his appointment as interim CEO.

In a notice posted to the Jamaica Stock Exchange (JSE) yesterday, the directors said they are “confident that under Kenroy’s leadership, Dolla will enter a new growth phase, deliver excellent customer service and increase shareholder value.”

Fresh off its partnership with Supreme Ventures Limited, which acquired a 15 per cent stake in the microlending firm in July, Dolla is hoping to unlock significant growth from the deal especially as it positions to deliver on its vision of becoming a market leader for micro-financing in the region. The company, which already has a presence in Guyana, is also awaiting Bank of Jamaica approval to commence operations in Barbados and St Lucia.

Up to its six-month period ended June, the company recorded total income of $592 million, $293 million more or 98 per cent above the corresponding period in 2022 followed by profit of $227 million. This, as its loan portfolio ballooned to $2.6 billion driven by substantial increases in business loans which accounted for more than 80 per cent of its total loans.

Total assets for the company up the half-year mark also climbed 137 per cent to total $2.8 billion.

“These financial results demonstrate Dolla’s commitment to achieving financial growth, expanding market engagement, and returning value to our shareholders. We will continue to leverage our unique business model and strengthen our loan portfolio while maintaining prudent risk management practices,” the directors said in notes accompanying the financials.