The Central Bank of Trinidad and Tobago issued provisional registrations to 2 more companies as issuers of electronic money (e-money): Telecommunications Services of Trinidad and Tobago (TSTT) Limited and PESH Money Limited (PESH).
The provisional registrations, which cover an initial 6-month period, authorize TSTT and PESH to issue e-money in Trinidad and Tobago from 1 March 2023. Under the terms of the registrations, both companies will be allowed to register new customers in an environment controlled monitored by the Central Bank.
Electronic money can be broadly defined as an electronic store of monetary value on a technological device (including mobile phones) that can be widely used to make payments to entities other than the issuer of the electronic money. Electronic money can be used for payment transactions with or without a bank account.
TSTT, a company incorporated in the country since 1968, is jointly owned by National Enterprises Limited, which in turn is majority owned by the Government of Trinidad and Tobago, and Cable & Wireless (West Indies) Limited. TSTT’s core business is as a mobile network operator and provider of telecommunications solutions to the residential and commercial markets in Trinidad and Tobago. TSTT aims to provide e-wallet services to allow peer-to-peer transfers and payments for merchants in Trinidad and Tobago.
PESH is a privately owned local company, incorporated since 2017. The company aims to provide customers with electronic wallets to facilitate the storage of electronic money and allow transfers from mobile wallets to mobile phone users in Trinidad and Tobago.
In a similar development, the Central Bank extended the provisional registration of another company, PayWise Limited for a further period of 6 months starting from 1 March 2023. PayWise was granted provisional registration on 1 September 2022, for an initial period of 6 months old.
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