Central Bank issues e-money licence to Massy Remittance Services (Trinidad) Ltd

Massy Remittance Services (Trinidad) Ltd (MRSTL) has received provisional registration from the Central Bank (CBTT) to issue electronic money (e-money) in Trinidad and Tobago for a six-month period.

In a release, the bank said MRSTL will be allowed to enlist new customers in a controlled environment supervised by the Central Bank.

CBTT said e-money can broadly defined as an electronic store of monetary value on a technological device (including mobile phones) that may be widely used for making payments to entities other than the e-money issuer. E-money can be used for payment transactions with or without bank accounts.

MRTSL is a subsidiary of Massy Financial Services Ltd, a division of Massy Holdings Ltd. It is a limited-liability company incorporated on June 13, 2003.

MRSTL is also licensed by the Central Bank to conduct the business of a bureau de change (cambio services). It operates as an agent representative for MoneyGram International in TT, Guyana, St Lucia and St Vincent and the Grenadines.

The mechanisms for the use of e-money were outlined in the E-Money Issuer Order (2020) which can be accessed, along with other background materials, via the Central Bank’s website at: https://www.central-bank.org.tt/fintech/fintech-legislationpolicies-guidelines

In his August 13, 2020 BitDepth column, Newsday columnist Mark Lyndersay said there were three tiers of e-money issuer listed in the order: micro-transactions, with a limit of $500 per transaction, mid-value transactions (up to $1,000) and high-value transactions (up to $10,000).

He said the Central Bank, under the terms of the order, retains significant deep-dive power to inspect systems built to create e-money and can review transactions at the database level.

The use of e-money in TT is part of Finance Minister Colm Imbert’s push towards moving TT towards being a cashless society.

Speaking at the National Financial Inclusion Survey Report (2023) launch at Tower D, International Waterfront Complex, Wrightson Road on August 20, Imbert advocated the use of digital payment solutions, which he said offer greater convenience, security, and efficiency.

“Sixty-three per cent of all transactions are conducted in cash, exposing individuals to theft, loss, and mishandling risks.

“Mobile wallets, contactless payments, and online banking services can significantly reduce our reliance on cash and facilitate greater financial inclusion.”