BELIZE CITY, Fri. Aug. 6, 2021– On Friday, August 6, the Belize Bank unveiled their new and innovative E-Kyash digital wallet solution.
E-Kyash is a financial product that will enable persons in the country who don’t have a bank account to be able to enjoy some banking services, such as the transfer of funds electronically.
Two key groups of persons who could benefit from such a service were pinpointed by the company through market research. They are young people in the 14-18 age category and many inhabitants of southern Belize who are in the farming industry and lack documentation. “We realized that there was a need to create accessible, easy to use and affordable digital financial services. The citizens, especially the young and the rural population in Belize,” said the Chief Executive Officer of Belize Bank Limited, Lyndon Guiseppi, before further expanding on the 40,000 youth in Belize who lack access to banking services.
Guiseppi explained, “Those who are fully excluded from fully participating in the financial system today includes a significant unbanked population in Belize that currently does not possess a bank account due to a lack of proper documentation which is required by banks.” The E-Kyash solution, however, will allow anyone with a Belizean phone number to make instant day-to-day transactions with ease, convenience and speed.
Persons will now be able to instantly send money to friends and relatives countrywide. Additionally, the app facilitates purchases and other retail transactions, as it utilizes static and dynamic QR codes to quickly and efficiently send payments. As of today, over 750 businesses across the country have integrated E-Kyash into their payment systems.
No subscription fees are required to access the E-Kyash service. Also, no fees are associated with adding credits to a user’s account or making purchases. The only charge is for peer-to-peer payments, with 15 cents being charged per transaction. Notably, the E-Kyash solution comes with enhanced security features, which ensure that users’ funds will remain untouched in the event their phone is lost and/or stolen.
It is to be noted that a customer does not need to bank with Belize Bank, or any bank, to possess an E-Kyash account. Anyone in Belize with an active phone number can access this solution. Nonetheless, Belize Bank is assuring the public that the service is in compliance with all international financial laws and Central Bank of Belize regulations, including anti-money laundering laws.