Posted: Thursday, August 5, 2021. 6:21 pm CST.
By Benjamin Flowers: Today, the Belize Bank Limited hosted the launch of its E-Kyash mobile application which revolutionizes everyday transactions by eliminating the need for physical cash.
The official launch ceremony was held at the Radisson Fort George Hotel and Marina and was attended by representatives of the Central Bank of Belize, Social Security Board, and Minister of Youth, Sports & E-governance Kevin Bernard.
The application allows for uploading of funds to an e-wallet, free of charge, and is accessible without a Belize Bank or any other bank account. Participating stores will display an “E-Kyash Accepted” sign, informing customers that they can purchase everyday items using the platform.
At the launch, Belize Bank Chairman Lyndon Guiseppi explained that the bank seeks to empower the unbanked population in Belize to be able to engage in digital transactions. This includes those who do not have a bank account due to issues with documentation and over 40,000 young people between the ages of 14-18 years who do not have bank accounts.
“E-KYASH was the first digital wallet in the country to be fully approved by the Central Bank after a thorough and lengthy vetting process which we welcome. You can therefore feel comfortable that E-KYASH sits on a robust platform and has met and surpassed the highest regulatory standards not just in Belize but the entire Caribbean,” Guiseppi said.
He also noted that the move to launch an e-wallet makes the Belize Bank a pioneer in the industry yet again, as the Belize Bank was the first bank in Belize to issue credit cards; we were the first to engage in merchant acquiring business; the first to bring ATM’s to Belize, and; the first bank to have a country-wide network of branches.
Following the launch, Minister Bernard said that the Government of Belize (GOB) is in discussions with the Belize Bank and the National Bank of Belize, which is also developing its own e-wallet, to see which of them can offer an e-wallet service to GOB at the best possible cost.
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