Barita Financial Group says BPay pilot focused on financial inclusion

Barita Financial Group Limited has announced the controlled pilot rollout of BPay by Barita, a digital wallet offered by Barita Merchant Bank Limited, a deposit-taking institution licensed by the Bank of Jamaica (BOJ). In a statement Sunday, the company noted that the initiative is “focused on bringing digital financial services directly to communities, campuses and workplaces.” Barita says BPay was approved by the BOJ following its regulatory review process and is being piloted in accordance with the applicable regulatory framework established by the central bank. The pilot follows the group’s earlier announcement through the Jamaica Stock Exchange regarding the BOJ’s no objection in relation to the bank’s digital financial services platform.

Barita said BPay is designed to test functionality, assess technical robustness and learn from customers’ experiences ahead of a wider public rollout targeted for the coming weeks. BPay’s primary focus is on unbanked and underbanked grassroot Jamaicans, including young people and young adults who have had limited access to formal financial services, the company said. “Financial inclusion requires us to think differently about how we reach people.

For many Jamaicans, visiting an office means travelling away from where they live or work, during hours when they are earning a living,” said Mark Myers, chairman of Barita Investments Limited and a director of Barita Financial Group Limited and Barita Merchant Bank Limited. “We have chosen to go directly to customers and engage them in settings where they feel comfortable. In other words, one of our guiding principles has been to meet the people where they are,” Myers added.

Barita says the pilot is focused on groups connected by their communities, places of study or workplaces. These locations include students at universities across Jamaica, including The University of the West Indies; the University of Technology, Jamaica; Mico Teachers College; various urban and rural high schools; public sector groups, including police officers and teachers; and employees of several corporate entities. Barita says community outreach has also been organised through community leaders and elected political representatives from both major parties, helping the group reach residents within the same geographical areas.

“We recognise that people who have had little experience with formal financi…