The Cen­tral Bank has reg­is­tered Massy Re­mit­tance Ser­vices (Trinidad) Ltd (MRSTL) on March 3, 2025 to car­ry on the busi­ness of an e-mon­ey is­suer in this coun­try us­ing its dig­i­tal wal­let app; WID­IT.

The reg­is­tra­tion of Massy Re­mit­tance Ser­vices fol­lows a six-month pro­vi­sion­al reg­is­tra­tion pe­ri­od which end­ed on March 2, 2025.

A no­tice post­ed on the Cen­tral Bank’s web­site yes­ter­day stat­ed MRSTL is a lim­it­ed li­a­bil­i­ty com­pa­ny in­cor­po­rat­ed on June 13, 2003.

It is a sub­sidiary of Massy Fi­nan­cial Ser­vices Ltd, a di­vi­sion of Massy Hold­ings Ltd.

MRSTL is al­so li­censed by the Cen­tral Bank to con­duct the busi­ness of a bu­reau de change (Cam­bio Ser­vices) and it op­er­ates as an agent rep­re­sen­ta­tive for Mon­ey­Gram In­ter­na­tion­al in four coun­tries: Trinidad and To­ba­go, Guyana, St Lu­cia, and St Vin­cent and the Grenadines.

The com­pa­ny is now reg­is­tered to con­duct the fol­low­ing ac­tiv­i­ties:

(a) is­suance of e-mon­ey ac­counts;

(b) cash-in;

(c) cash-out;

(d) pro­vi­sion of pay­ment ser­vices, and

(e) mon­ey trans­fer or re­mit­tances.

The Cen­tral Bank added it will con­tin­ue to mon­i­tor MRSTL’s op­er­a­tions and reg­u­la­to­ry com­pli­ance with leg­is­la­tion and guide­lines gov­ern­ing e-mon­ey.

In Sep­tem­ber last year, Massy Re­mit­tance Ser­vices (Trinidad) Ltd (MRSTL) re­ceived pro­vi­sion­al reg­is­tra­tion from the Cen­tral Bank to is­sue e-mon­ey in T&TT for six-months.

The bank then said that MRSTL was al­lowed to en­list new cus­tomers in a con­trolled en­vi­ron­ment su­per­vised by the Cen­tral Bank.

Ac­cord­ing to the Cen­tral Bank, e-mon­ey can 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.

In its unau­dit­ed fi­nan­cials for the three-month pe­ri­od end­ed De­cem­ber 31, 2024, Massy Hold­ings de­clared af­ter-tax prof­it of $205.96 mil­lion, an in­crease of 4 per cent com­pared to the $197.99 mil­lion, the group earned for the same pe­ri­od in 2023.

The rev­enue of the group, which op­er­ates through­out the Caribbean and in North and South Amer­i­ca, to­talled $4.15 bil­lion for the pe­ri­od Oc­to­ber 1 to De­cem­ber 31, 2024. That was about 6 per cent more than the $3.92 bil­lion the com­pa­ny gen­er­at­ed for its first quar­ter in 2023.

In its 2024 an­nu­al re­port, Massy Hold­ings said its fi­nan­cial ser­vices line of busi­ness con­sists of two high­ly strate­gic op­er­a­tions that en­able im­proved per­for­mance among its three core port­fo­lios.

“The re­mit­tance ser­vices di­vi­sion is a key for­eign ex­change earn­er for the group, while al­so pro­vid­ing strong re­turns on in­vest­ed cap­i­tal. It is an im­por­tant part­ner of the in­te­grat­ed re­tail port­fo­lio and pro­vides a re­mit­tance chan­nel for its cus­tomers through its part­ner­ships with Mon­ey­Gram and West­ern Union.

“Massy Fi­nance GFC is an im­por­tant part­ner to the Mo­tor & Ma­chines Port­fo­lio, pro­vid­ing fi­nanc­ing for cus­tomers pur­chas­ing ve­hi­cles and in­dus­tri­al equip­ment as a crit­i­cal com­po­nent of its busi­ness op­er­a­tions. Massy Fi­nance GFC is al­so a li­censed for­eign ex­change deal­er.”