Lasco Financial says its plans for the new financial year involve driving growth through its remittance business while it explores future expansion from e-commerce.
The company, in it is annual report released on the Jamaica Stock Exchange, said it received approval from the Bank of Jamaica for an e-commerce service which now allows it to tap into a new customer segment of merchants needing technology to accept online payments. It also said it was granted a licence by Visa prepaid card in the fintech regulatory Sandbox.
Lasco Financial said it's making the move now to adapt the e-commerce platform so it can remain relevant to the digital transformation process now taking place which will disrupt its sector.
For the forseeable future, the company said it will seek to continue the four-year growth in its remittance business while adjusting services to focus on customers' changing behaviour and expectations. It said it will do so by scaling significant to drive revenues and push down costs per transaction.
Lasco Financial closed the year with consolidated revenues of $2.29 billion, a nine per cent reduction when compared with the prior year. Profit after tax was $156.7 million compared to $56.9 million in the previous year.