Digicel acquires majority stake in Jamaican payments firm
Telecoms and media group Digicel, which is owned by businessman Denis O'Brien, has acquired a majority interest in Paymaster, a payments company in Jamaica.
Paymaster enables people to pay bills to over 120 companies, and operates out of 170 locations in Jamaica. It has relationships with 40,000 locations in the US and Canada. Among its client companies is Digicel.
Paymaster handles collections in relation to a wide range of transactions including remittances, electronic top-ups, cheque cashing, ticket sales and advertising.
"Paymaster is a great brand and a great product and we are delighted to welcome it to the Digicel family as we expand our range of products and services consistent with the convergence of communications, e-commerce and financial services," said Digicel group chief executive Colm Delves.
The founder of Paymaster is a former Jamaican ambassador to the United States, Audrey Marks. She'll remain as executive chairman.
Digicel has aimed part of its growth strategy at tapping into expat Jamaican and other Caribbean communities living in places such as the UK and US. It has generated $128m in annual revenue by allowing them to top up relatives' mobile phone accounts back home.