![]() “We’ve not come to any final agreement, however, information on that will be given to our regulators and the Jamaica Stock Exchange,” he said, adding that he expects the acquisition deal to be concluded by June.ĭolla had previously made an attempt at buying its larger rival, Access Financial, but was aggressively rebuffed. “This will allow it to raise capital on its own to grow its own loan portfolio and not depend totally on the parent company, Dolla Jamaica,” Mairs said.Īs to the group operation, the company is still looking to buy another micro-lending business and is expecting to make progress on the transaction at mid-year. The country operations there are led by Jamaican Aldain Tomlinson. Mairs wants Dolla Guyana to eventually operate as a stand-alone subsidiary. It will be looking to raise its own capital in that market soon to continue to grow its loan book,” Mairs said. “Business has been profitable since last year, and we want that to continue. By June 2023, Mairs said, a second Guyana branch will open in Berbice. Mairs says both Dequity Capital and FirstRock Private Equity, as investing partners in Dolla, would continue to lend money to support the growth of its loan book or raise the necessary capital on the microfinancing company’s behalf.ĭolla currently has 10 branches in Jamaica and one in Georgetown, the Guyana capital. The BOJ last reported in November that it had over 100 applications in hand and at that time had licensed five firms. The law now requires each entity to operate under licence. The company is one of the few microlenders that have so far received their licences from the Bank of Jamaica, BOJ, under new legislation that recently placed the previously laissez faire sector under the regulatory umbrella of the central bank. Over the span of a year, Dolla has grown its loan book from $750 million to $1.72 billion. If we don’t, then our growth will stagnate.” “Raising money is going to be a part of the business model. “The money-lending business is a constant cycle of raising money to lend money since we’re not a deposit-taking institution like a bank,” Mairs argued. “Even if it goes up a little bit, we’re enjoying a lower interest rate on the loan, so if there is any foreign currency risk it can be absorbed by the interest rate buffer,” he said. ![]() Sign up for The Gleaner’s morning and evening newsletters.
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