Dolla recalibrating in its thrust towards acquiring AFS

Long time marketing manager for micro financer, Access Financial Services (AFS), Deveta McLaren has been recruited by competitor, Dolla Financial Services.

This recruitment is seen as interesting, given the fact that Dolla Financial only three weeks ago served notice on the board of AFS, indicating their interest in buying the company outright. AFS shot down the notice, saying the company was not for sale while denying engaging in any discussions with Dolla about acquiring the company, which has assets under management of just over $5.6 billion, making the entity one of the leading players in the micro finance sector.

In fact, Our Today has been reliably informed that McLaren was the person who penned a correspondence to the Jamaica Stock Exchange saying AFS was not in any negotiations with Dolla for selling the company which, on August 1, 2022, became the first micro credit company to be licensed under the Micro Credit Act by the Bank of Jamaica.

No comment on McLaren recruitment

When contacted today about her move from AFS to Dolla Financial, McLaren responded: “No comment!” 

Our Today sources say she is to take up her senior management post at Dolla later this month.

McLaren is well known in Jamaica’s micro financing circles with Our Today sources trumpeting that she will be a welcome addition to the Dolla Financial family.

Our Today also reached out to Dolla Financial Chairman Ryan Reid, who equally responded “no comment” on the matter.

Dolla CEO Kadeen Mairs could not be reached, as he is said to be overseas travelling on business.

McLaren currently serves as chairman of EXIM Bank and sits on the board of JAMPRO and, up until April this year, was a board member of the Jamaica Social Investment Fund. She had been with AFS for almost 11 years.

McLaren lists as her competencies experience in managing people, processes and strategies in retail, remittances and microfinance. Prior to joining AFS in 2012, McLaren worked as special projects coordinator in the Office of the Prime Minister.

She worked at Western Union as marketing manager and held different positions at GraceKennedy after joining the company as a management trainee in 1995.

Not backing down on AFS ownership

In the meantime, Dolla Financial Services Limited is not backing away from its interest in acquiring AFS. Dolla is said to be recalibrating its thrust to move forward in achieving its desire of acquiring AFS, ruling out any thought of a hostile takeover.

One source on the board of AFS told Our Today that any thought of a hostile takeover is impractical, given that founder and CEO Marcus James, along with his family, would control in excess of 51 per cent.