PLYMOUTH, Montserrat – Montserrat Premier Donaldson Romeo has signed a memorandum of understanding (MOU) with the Barbados-based financial technology company Bitt Inc., to create a Digital Payments Ecosystem in Montserrat.
Premier Romeo said Bitt Inc. will work with his government and other domestic stakeholders, such as the private sector, commercial banks, and the Eastern Caribbean Central Bank (ECCB), to create a digital payments ecosystem in Montserrat.
“The people of Montserrat will benefit from increased financial inclusion, and a significant reduction in their need for cash to make payments for goods and services, or as a means of saving. Anyone with a smartphone, tablet or computer, will now be able to conduct these domestic transactions securely, efficiently, digitally,” he said.
The MOU between the Government of Montserrat and Bitt Inc. will provide a framework for Bitt Inc. to collaborate with Montserrat to develop a pilot programme, which includes a feasibility study designed to test the viability and functionality of Digital Eastern Caribbean Dollars (DXCD) in the financial ecosystem of Montserrat.
The feasibility study in the pilot programme will also facilitate proof of concept experimentation and will use a phased approach within controlled environments to deploy, test and assess the effectiveness of suggested implementations.
“Bitt congratulates the Government of Montserrat on this progressive move. We’re honoured to assist the island in meeting its objective of boosting financial inclusion, while reducing reliance on cash, as together we build resilience and sustainable socio-economic progress,” said Rawdon Adams, CEO of Bitt Inc.
The MOU between the Government of Montserrat and Bitt Inc. will be for an initial period of three years.