National Bank of Belize Discontinues E-Wallet with Immediate Effect

The National Bank of Belize Limited today made a surprise announcement to its customers. In an email, the bank told its customers that “Due to unforeseen circumstances beyond our control, the National Bank advises that the NBB Pay e-wallet service will be discontinued with immediate effect.” The email fails to share what exactly those unforeseen circumstances are but says that “While we deeply regret this situation, NBB shall take immediate steps to deposit your funds into the bank or credit union account of your choice.” Information to News Five suggests that the bank’s e-wallet failure was due to a late entry into the market coupled with low volume of transactions. One expert said that the bank’s e-wallet didn’t really take off. This now leaves only E-kyash and Digi-wallet as the only electronic wallets in the market. Our requests for an interview from the bank have gone unanswered. The announcement comes one day after the Central Bank of Belize announced new fees for domestic banks. According to the Central Bank, the National Bank of Belize Limited has one hundred and eight million dollars in assets.