Belize Bank Limited has entered into a partnership with United Kingdom-based Wallet Factory to develop “fully functional mobile payment ecosystem for local end-users, merchants, and retailers” in the Central American country.
At the same time, Belize Bank and Wallet Factory are collaborating on the roll-out of a digital wallet solution they term “E-kyash” later this month.
“The mission of the collaboration lies in the improvement of financial services in the Central American and Caribbean regions …The Wallet Factory and Belize Bank collaboration aims to push the boundaries for unbanked customers in the region by offering a brand new digital wallet solution, E-kyash,” a joint release outlined.
It further pointed out that, according to a United Nations report, there is a gap in the region for providing robust digital instruments and mechanisms for improving financial inclusion.
“Our collaboration with Belize Bank, the leader in innovative market solutions in Belize, aims to simplify the way people buy goods and services”— Volodymyr Budanov, chief delivery and product officer, Wallet Factory
As such, the aim of E-kyash is to improve financial inclusion in Belize by providing an easy-to-use solution for citizens and businesses to conduct daily transactions.
“We always welcome improvements and innovations which aim to provide our clients with the best services corresponding to international digitalisation trends. Our collaboration with Wallet Factory may start a new era for Central America, making mobile financial services more convenient, effective, and secure,” Agata Ruta, head of digital and retail banking, Belize Bank stated.
Though a solution commissioned by Belize Bank, E-kyash mobile wallet does not require applicants to have a bank account to access its services.
Among the services users will benefit from are making quick-response payments, utility bill payments, receiving salary payments, and increasing the balance on e-wallet accounts through cash payments to retailer operators.
As the developer of E-kyash, Wallet Factory hopes to bring its 15 years of experience in the mobile payment solutions and fintech sector to create a “high-efficiency e-money processing” solutions that affords Belizeans convenience and safety.
“Wallet Factory is primarily based on three principles: secure, beneficial, and innovative… Our collaboration with Belize Bank, the leader in innovative market solutions in Belize, aims to simplify the way people buy goods and services,” Volodymyr Budanov, chief delivery and product officer at Wallet Factory, stated.
Belize Bank Limited, a subsidiary of Caribbean Investments Holding Limited, is a full service commercial banking operation in Belize that provides a variety of banking and financial services to both domestic and international customers.
Last week, on Thursday, April 1, Belize Bank announced the completion of its US$20 million Scotiabank and noted that the transaction will enable the expansion of its operation.