Bank of Jamaica suspends Paymaster Limited’s remittance operating licence due to breach of record-keeping requirement

Paymaster Jamaica Limited says it is fully committed to understanding and addressing the issues which have led to the suspension of its remittance operating licences by the Bank of Jamaica.

Earlier today, the Central Bank indicated that remittance operating licences issued to Paymaster as a remittance primary agent have been suspended until further advised, effective July 5.

This means, the Agency which falls under the Digicel Group is no longer authorized to offer remittance services as a primary agent, and no remittance service will be offered at 19 of its locations.

However, operations will continue at remittance service locations where sub-agent arrangements exist.

The Central Bank also noted that Paymaster’s authorization to test its MyCash mobile wallet in the Bank’s Fintech Regulatory Sandbox remains in effect.

Customers of Paymasters’s MyCash product may continue to utilize the payment service except for the feature – disbursement of inbound remittance to wallet.

When probed by IRIE FM news, Head of Group Communications at Digicel, Antonia Graham said the suspension stemmed from a system error – a matter which Paymaster relayed to the Central Bank.

Ms. Graham noted that while it takes serious measures to address the issues, only a small part of the Paymaster business is affected.

She said it is largely business as usual.


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