Barbados Credit Union League Launches Digital Wallet with Sagicor Bank and VENTI Global Inc.

The Barbados Co-operative & Credit Union League Limited (BCCULL) is set to transform financial access for credit unions and their members in a breakthrough partnership with Sagicor Bank (Barbados), and VENTI Global Inc.

The BCCULL, the representative body for Barbados’ 23 credit unions with total assets of over $3 billion, through this collaboration, is on the verge of launching a digital wallet, allowing ordinary credit union members to combine safe, reliable and tested technology using their smartphones to access and transfer funds across credit unions and other financial institutions including commercial banks.

Expected to positively impact the local economy, the digital wallet initiative will be owned by the BCCULL and will make it significantly easier for members to undertake transactions, linking their debit and credit cards to the e-wallet.

What is a digital wallet? It’s a type of electronic card used for transactions made online or in-store through your smartphone, just as your credit or debit card works. It is linked to the individual’s bank account to make payments. Importantly, digital wallets can also be pre-paid accounts where the user can store and reload money for any future transactions.

Hally Haynes, president of the Caribbean Confederation of Credit Unions and a champion of the initiative, stated: “From inception, the BCCULL has been an advocate of financial inclusion in Barbados, and the Barbados Credit Union League’s Digital Wallet is an extension of our commitment to empowering our members with easy to access, secure and less costly financial services.”

He hailed the effort to provide leading-edge technology that offers very high levels of security over financial and personal data, while Kemar Cumberbatch, president of BCCULL described the move as a “game-changer”. The Barbados Credit Union League’s Digital Wallet, he said, “supports crucial features like processing credit card payments, payroll deposits, and standing loan payments”.

As merchants can sign up to accept payments, Cumberbatch said, “This will enable small businesses and merchants, such as food service providers, taxi operators, tour guides and hairdressers to provide their customers with a wider variety of secure payment options in very short order.”

Meanwhile, George Thomas, chief executive officer of Sagicor Bank, a leading player in the provision of digital financial services, is excited at the partnership with local credit unions.