Belize Bank Limited has launched a new banking app developed by Wallet Factory.
E-kyash is aimed at replacing unsafe cash payments with more secure digital-driven operations, and is intended to drive financial inclusion for the unbanked and underbanked communities in Belize.
Mikhail Miroshnichenko, Co-Founder and CEO at Wallet Factory, said: “Behind every single feature we implemented in our mobile app, there is a solid understanding and appreciation of local customer demand for robust digital financial services.”
E-kyash offers feature-rich functionality combined with ease of use, security, and transparency. The financial mobile app is custom-built with stringent measures to ensure full compliance with local and international regulatory laws and standards.
“With the implementation of E-kyash, the Belize Bank will be providing the perfect financial solution to meet the needs of the underserved Belizean population,” stated Lyndon Guiseppi, the Executive Chairman of the Belize Bank Limited. “E-kyash was also the first digital wallet in the country to be fully approved by the Central Bank after a thorough and vetting process.”
The digital wallet offers Customer and Business applications designed to cater to the needs of both individual clients and business users like merchants, and cash agents/retail operators. E-kyash provides various user roles to efficiently manage multiple financial services and operations.
Yuriy Lozinsky, CTO at Wallet Factory, described the app as: “a complete and holistic financial ecosystem capable of fostering overall economic growth in the region.”
Agata Ruta, Head of Digital, Business and Retail Banking at the Belize Bank Limited, said: “With our customers’ feedback we are building a lifestyle platform which will include a lot of value added services, becoming the Belizean first choice of payments, at the same time promoting the shift from cash heavy to cash lite society”.
Within a month of launching, E-kyash has already attracted 34,000 users with 15,000 P2P transactions made successfully. Additionally, 15% of registered users are between the ages of 14 and 17, reflecting Belize Bank’s goal of promoting financial inclusion among young people.