MICROCAPITAL BRIEF: Belize Bank, Wallet Factory to Launch Digital Payment Service E-kyash

Wallet Factory, a financial technology company based in the UK, recently partnered with Belize Bank Limited, a commercial bank in Belize, to create E-kyash, a digital payment platform aiming to ease financial transactions for people without bank accounts. E-kyash’s offerings include utility bill payments, retail payments via quick response (QR) codes and salary payments from employers to employees.

The head of digital and retail banking at Belize Bank, Agata Ruta, said of the partnership, “We… aim to provide our clients with the best services corresponding to international digitalization trends… making mobile financial services more convenient, effective and secure.”

Wallet Factory, founded in 2016, employs 50 people distributing digital wallet services via 30 contracts across four continents. Its contracts are with firms active in telecommunications, fuel sales, banking, e-commerce and postal services.

Belize Bank, founded in 1987, reports BZD 945 million (USD 469 million) in total assets as of March 2020. The bank operates 11 branches and 28 automated teller machines. Belize Bank is owned by Caribbean Investment Holdings Limited, which is based in Belize.

By Bradley Shulman, Research Associate

Sources and Additional Resources

Breaking Belize News article
https://www.breakingbelizenews.com/2021/03/29/belize-bank-teams-up-with-wallet-factory-to-launch-new-digital-payment-platform-e-kyash/

E-kyash homepage
https://www.e-kyash.com/

Belize Bank homepage
https://www.belizebank.com/

Belize Bank Credit Rating Report
https://www.belizebank.com/wp-content/uploads/2020/01/CariCRIS-Credit-Rating-Report.pdf

Wallet Factory homepage
https://walletfactory.com/

Caribbean Investment Holdings Limited homepage
https://www.cihltd.co/

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