Remittance services provider Paymaster (Jamaica) Limited (PJAL) has addressed the recent partial suspension of its operations by the Bank of Jamaica (BOJ), attributing the issue to a “system error” linked to services provided by an overseas partner. The company has assured customers that its operations continue to run “accurately and honestly.”
“Our operations are running smoothly and have not been affected in any way by the suspension of our international remittance service license. The changes, which were caused by a systems error, only apply to a small part of Paymaster’s operations, specifically primary agency services offered by an overseas single provider,” Paymaster said in a press statement following the suspension announcement.
The central bank announced on Wednesday that it had suspended Paymaster’s remittance business license as a principal remittance agent, effective July 5, until further notice. This suspension means Paymaster can no longer provide remittance services as a lead agent, affecting 19 locations across the island.
However, Paymaster remains operational as a sub-agent for six remittance agencies, providing services through 47 locations. The suspension does not impact Paymaster’s approval to test its MyCash mobile wallet in the BOJ’s fintech regulatory sandbox.
“Customers of PJAL’s MyCash product can continue to use payment services, except for the remittance and payment function to the wallet,” the BOJ stated, without providing further details on the suspension’s cause.
On Thursday, Paymaster reassured customers of its commitment to “accuracy and integrity,” a standard it has upheld for the past 29 years. “Paymaster wishes to clarify that all our bill payment services remain available at over 200 Paymaster branches islandwide, including MyCash agents,” the company emphasized.
Attempts to obtain additional details on the development were unsuccessful at the time of publication.
The company noted that the suspension affected only a small number of its branches. Beyond remittance services, Paymaster handles utility, insurance, and public service bill payments, along with international remittances through strategic partnerships.
Paymaster also highlighted its ongoing discussions with the BOJ, expressing a “full commitment” to understanding and resolving the issues raised by the bank.
Paymaster has established relationships with over 40,000 locations across the U.S. and Canada. The company is majority-owned by Digicel, which acquired Paymaster and a similar payments company, Prism, in 2015. Prism operates in 22 countries and has offices in the Bahamas, Jamaica, and Trinidad and Tobago.
Key Points:
- Company: Paymaster (Jamaica) Limited (PJAL)
- Issue: Partial suspension by Bank of Jamaica (BOJ)
- Cause: System error linked to overseas provider
- Impact: Suspension of principal remittance agent license
- Operational Continuity: Services continue as sub-agent at 47 locations
- MyCash Mobile Wallet: Testing approved in BOJ fintech sandbox
- Commitment: Accuracy and integrity in operations
- Parent Company: Majority-owned by Digicel
For further updates, stay tuned to official statements from Paymaster and the Bank of Jamaica.
