MYCASH (Trinidad & Tobago) Ltd, a subsidiary of Digicel, confirmed yesterday that it had “voluntarily” surrendered its provisional registration as an e-money issuer in this country.
Digicel made the statement to the Express in response to a release from the Central Bank which announced the revocation of MyCash’s provisional e-money issuer licence.
“Notice is hereby given that the provisional registration of MyCash (Trinidad & Tobago) Ltd to conduct the business of an E-Money Issuer granted on October 2, 2023, and extended on April 2, 2024, under clause 6 of the E-Money Issuer Order, 2020 (as amended) (the Order), is revoked, with effect from September 30, 2024, in accordance with clause 6(5)(b) of the Order and section 17(5)(c)(i) of the Financial Institutions Act, 2008,” the Central Bank stated.
When asked for comment on the situation, Digicel stated that it had voluntarily chosen to give up the licence.
“MyCash (Trinidad & Tobago) Ltd, a subsidiary of Digicel, confirms that on August 29, 2024, it informed the Central Bank of Trinidad and Tobago (CBTT) of its decision to voluntarily surrender its provisional registration as an E-Money Issuer as confirmed by the CBTT’s release dated September 30, 2024. We would like to thank the CBTT for their engagement and partnership to date,” it stated.
“As a provider of critical national infrastructure, we are obsessed with connecting our customers to more economic opportunities through superfast, reliable and safe connectivity. We are excited to channel all of our energies into empowering customers with the tools needed to accelerate the digital transformation of Trinidad and Tobago,” Digicel stated.
As it stands there are currently three fully registered e-money issuers in this country: PayWise Ltd, PESH Money Ltd, and the Telecommunications Services of Trinidad and Tobago Ltd’s PAYPR.
On September 2, Massy Remittance Services (Trinidad) Ltd’s WIDiT was granted a six-month provisional licence.