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Dolla Financial's new chairman, Ryan Reid

First Rock restructures Dolla Financial

Dolla Financial's new chairman, Ryan Reid

First Rock is restructuring subsidiary, Dolla Guyana, with measures including making the position of executive chairman redundant.

Ryan Reid has been appointed the new chairman of Dolla Guyana.

Earlier in 2020, Stocks and Securities Limited sold its 70 per cent stake in microfinance company Dolla Financial Limited to First Rock Capital Holdings Limited which also acquired its Guyana subsidiary of Dolla Guyana Limited.

First Rock indicated then that it would use Dolla Guyana Limited in a foray into the Guyanese market.

This week, First Rock advised that it has restructured the board of the subsidiary with the post of executive chairman, previously held by Andral Shirley, made redundant.

Additionally, new non-executive appointments were made to the board, effective September 28, 2020.

They are new chairman Ryan Reid, new vice chairman Philip Martin and a new director, Catherine Goodall.

Dolla Financial claims to have loaned near J$1 billion in the last four years. Its current loan portfolio is reported at $300 million.

The company has seven branches island wide with around 1,500 clients.

Dolla was started in 2014 by Kadeen Mairs, in partnership with Stocks and Securities Ltd, as a cambio and remittance company.

At mid-year 2020, Mairs said the company was looking to expand across Jamaica in a bid to tap more of the lending market.

Dolla’s products includes micro loans, personal loans, and business loans, which are targeted to small and medium enterprises (SMEs).

Mairs is a former Hanover Cooperative Credit Union and National Commercial Bank employee.

He now owns a minority stake in Dolla and remains as CEO, but shares role with a newly-appointed chief operating officer.