Jamaica-based regional microfinance lender Dolla Financial has signed a deal with distribution company Derrimon Group. The deal brings Derrimon into the micro-loans sector.
However, Derrimon’s involvement will be limited to its staff, customers and contractors. The deal will see Dolla Financial being the preferred finance partner for Derrimon’s employees and contractors.
With this deal now in place Derrimon will be able to offer loan packages to its staff, customers and contractors, through Dolla. The partnership is expected to boost performance, staff moral and profits for both parties.
Dolla Financial, which continues to expand and diversify, has already begun to embark on regional expansion, most recently with an operation in Georgetown, Guyana. Derrimon, which is listed on the Jamaica Stock Exchange with a market capitalisation of over $10 billion, has distribution networks throughout the Caribbean region and subsidiaries in North America.
CEO of Dolla Financial Services Kadeen Mairs is excited at the partnership with Derrimon Group, which encompasses subsidiaries such as Caribbean Flavours and Fragrances, Woodcats International Limited, Select Grocers Supermarket and seven locations of Sampars Cash and Carry wholesale supermarket. He explained that being in the business of lending, Dolla will have a broader array of diversified customer base within the distribution network through this partnership.
According to Mairs, “the partnership means more to us, the insight of its (Derrimon) leaders, Derrick (Cotterell) and Ian (Kelly) will add tremendous value to the table. It will see us developing new financing products for persons within the distribution and logistics business as we seek to find new ways to help individuals and business owners to manoeuver to this pandemic.”
Kelly, the group chief financial officer at Derrimon, remarked: “The pandemic has affected various members of our teams, from securing online learning devices for their children, to navigating the various COVID-19 restrictions and protocols. We believe this partnership with Dolla will help to ease some of the burdens brought on by the COVID-19 pandemic by providing our staff and contractors with customisable and flexible loan options that will give our team that much needed peace of mind as we all adapt to a new way of living.”
The Derrimon Group employs over one thousand people inclusive of full time staff and contractors, while Dolla Financial currently has eight locations in Jamaica and one location in Georgetown, Guyana.