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Belize Bank teams up with Wallet Factory to launch new digital payment platform E-Kyash

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Posted: Monday, March 29, 2021. 3:53 pm CST.

By Benjamin Flowers: The Belize Bank Limited is partnering with the Financial Technology (FinTech) firm Wallet Factory, to launch a new digital payment platform E-Kyash, geared towards making digital transactions more accessible to people who do not have bank accounts.

Wallet Factory explained that the E-Kyash mobile wallet application: allows for quick registration as no bank account is required; supports both Business to Customer and Business to Business payments; enables users to make QR (Quick Response)-based payments; enables public utility bill payments; enables the convenience of funding wallet balance via cash payments at retail operators, and allows for salary payments directly to employees E-kyash wallet.

“The main objective of E-kyash is to lead the financial inclusion strategy across Belize by proposing an easy to use and convenient solution for end-users and merchants to perform daily transactions,” Wallet Factory said in a joint statement released today.

Volodymyr Budanov, Chief Delivery and Product Officer at Wallet Factory, noted that people in Latin America suffer from low access to financial services, including bank accounts, which causes problems for them on a daily basis. Budanov stressed that Wallet Factory’s collaboration with the Belize Bank will help to address those problems by simplifying the way people buy goods and services while keeping with the company’s main principles of being secure, beneficial, and innovative.

Agata Ruta, Head of Digital and Retail Banking at Belize Bank said, “We always welcome improvements and innovations which aim to provide our clients with the best services corresponding to international digitalization trends. Our collaboration with Wallet Factory may start a new era for Central America, making mobile financial services more convenient, effective, and secure”.

The new platform is set to launch in April 2021 and forms a part of a greater regional initiative to increase the accessibility of digital transactions to unbanked customers.

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