The Government of Montserrat (GOM) signed a Memorandum of Understanding (MOU) with Bitt, a Barbados based FinTech company, to create a digital payments ecosystem in Montserrat. The goal is to achieve financial inclusion and reduce cash usage. Both objectives are parts of the overall development strategy of Montserrat and the Eastern Caribbean Central Bank (ECCB).
Bitt, the official FinTech partner for the central bank digital currency (CBDC) pilot for the Eastern Caribbean Central Bank, has been working with the Government of Montserrat and other domestic stakeholders, such as the private sector, commercial banks, and the Eastern Caribbean Central Bank (ECCB), to create a digital payments ecosystem in Montserrat.
The Government of Montserrat is inviting the public to participate in a progressive initiative aimed at boosting financial inclusion and improving the ease of doing business in Montserrat and across the Eastern Caribbean. This initiative is both historic and essential to the future socio-economic well-being of the people of Montserrat.
As Premier Romeo announced, upon signing the MOU, “The people of Montserrat will benefit from increased financial inclusion, and a significant reduction in their need for cash to make payments for goods and services, or as a means of saving. Anyone with a smartphone, tablet or computer, will now be able to conduct these domestic transactions securely, efficiently, and, digitally.”
While highlighting the importance of creating a digital payments ecosystem in Montserrat, Premier Romeo added that, “The use of cash, as we all know, has risks and costs associated with it. It costs money to print money, and saving cash ‘under the mattress’ and walking around with cash can be risky.” He further stated that “…the need for cash for everyday transactions like purchases, or sending money locally to your loved ones, would be eliminated, as you would be able to use Bitt’s mMoney mobile wallet for free peer-to-peer transfers of money using your smartphone, tablet or computer.”
The digital payments ecosystem, once implemented, will include a number of free services. Consumers need only to download Bitt’s free mMoney mobile wallet app from Google Play Store and Apple Appstore to access the free services including: sending money to loved ones locally or within the ECCU, paying for goods and services, and adding funds to their wallet, and cashing-out of the wallet at participating merchant/tellers.
The Government of Montserrat is inviting members of the public service to volunteer to participate in this important pilot rollout of Bitt’s mMoney solution. For further information:? click here.