BRADES, Montserrat — The use of mobile money to conduct payment transactions was welcomed by key stakeholders in Montserrat, who recently learnt more about the mMoney app, a mobile payment solution powered by Bitt.
“During a two day trip to Montserrat, our Barbados-based mMoney team performed mMoney product demos and fielded questions from the general public at a town hall meeting and during a radio interview. We also met with members of the Cabinet and the opposition party, members of the local Chamber of Commerce, the Financial Services Commission, young entrepreneurs, commercial banks and credit unions. The feedback was positive and very encouraging,” reported Rawdon Adams, CEO of Bitt, who spearheads the mMoney team.
“We demonstrated how mMoney could benefit the lives of those in Montserrat by providing access to person-to-person money transfers. This is an immediate benefit to merchants and consumers. However, an even greater win could be the potential for businesses in Montserrat to open their markets across the Organisation of Eastern Caribbean States (OECS). mMoney offers access to significantly cheaper online, remote and digital payments at the point of sale. Additionally, the app has the potential to help the business community in Montserrat to innovate and offer new services that move beyond cash,” Adams added.
The outreach follows the execution of the memorandum of understanding between mMoney and the government of Montserrat, signed in February 2018, to explore the creation of a digital payments ecosystem in Montserrat. The agreement provides a framework for Bitt Digital Inc. to collaborate with the government of Montserrat and all other local stakeholders, including commercial banks and merchants, to create a digital version of the EC dollar, in a phased approach.