E-Kyash Makes Banking History in Belize

As many as seven hundred and fifty businesses in various sectors across the country have signed up to participate in Belize Bank’s new E-Kyash platform.  It’s an online system that allows users to transfer money, purchase items and pay bills online using a mobile application.  This morning at the Radisson, the app was debuted ahead of its actual launch date which is set for Friday.  E-Kyash is a first-of-its-kind in the country’s financial landscape; another of Belize Bank’s pioneering efforts in leading the charge in banking.  News Five’s Isani Cayetano attended the event and has the following story.

Lyndon Giuseppi, Chairman, Belize Bank Ltd.

“With the launch of Belize’s first mobile wallet, E-kyash, this revolution in banking has finally come to Belize and we at the Belize Bank are once again extremely proud to be a pioneer in that regard.”

Lyndon Giuseppi

Isani Cayetano, Reporting

This morning, the Belize Bank Limited, along with invited guests from the financial sector, unveiled the premier platform for electronic cash transfers and mobile payments online using an Android device.  The new cash app is targeting all populations, including youths.

Lyndon Giuseppi

“Those who are currently 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.  There are also an estimated forty thousand people ranging in ages from fourteen years to eighteen years living in this country who quite unfortunately also do not have bank accounts.  These are our primary target markets for E-Kyash.”

Belize Bank Chairman Lyndon Giuseppi shared additional details on the newly introduced mobile application and reiterated that users do not need to have a Belize Bank account to send or receive money, or pay for in-store purchases.

Lyndon Giuseppi

“There will be absolutely no need for anyone to have a bank account, whether with the Belize Bank or the other banks or the credit unions to be able to transact on the E-Kyash app.  It is going to be available for every single citizen in Belize, with or without a bank account, even if that bank account is not with the Belize Bank.”

E-Kyash, according to the bank, has the approval of the Central Bank of Belize.

Lyndon Giuseppi

“With the implementation of E-Kyash, the Belize Bank will be providing the perfect financial solution to meet the needs of the underserved Belizean population.  E-Kyash was also the first digital wallet in the country to be fully approved by the Central Bank.  After a thorough and lengthy vetting process which we welcomed, you can therefore feel comfortable as a public that E-Kyash sits on a robust platform and has met and surpassed the highest regulatory standards, not just in Belize but in the entire Caribbean.  Whatever solution comes after E-Kyash, you know that E-Kyash was the first and it’s on the most robust system.”

Reporting for News Five, I am Isani Cayetano.