The Central Bank of Trinidad and Tobago (CBTT) says it has issued a issued a provisional registration to Massy Remittance Services (Trinidad) Ltd (MRSTL), to issue electronic money (e-money) for an initial six-month period.
“E-money can be broadly defined as an electronic store of monetary value on a technological device, including mobile phones that may be widely used for making payments to entities other than the e-money issuer. E-money can be used for payment transactions with or without bank accounts,” the Central Bank said in a statement.
It said that under the terms of the provisional registration, MRSTL will be allowed to enlist new customers in a controlled environment supervised by the Central Bank.
MRSTL is a limited liability company incorporated on June 13, 2003. It is a subsidiary of Massy Financial Services Limited, a division of Massy Holdings Limited.
MRSTL is also licensed by the Central Bank to conduct the business of a Bureau de Change (Cambio Services) and operates as an agent representative for MoneyGram International in four countries, namely Trinidad and Tobago; Guyana; St. Lucia; and St Vincent and the Grenadines.
T&T currently has three companies that have full e-money registration. On September 1, 2023, the Central Bank granted full registration to TSTT's Paypr, Pesh Money's Pesh service and a service from PayWise.
MyCash (T&T), which is a subsidiary of Digicel (T&T) , was provisionally registered effective October 2, 2023 for an initial six-month period, according to the Central Bank website.
"Subsequently, the provisional registration period was extended by the Central Bank for an additional six-month period," said the Bank.