Jamaican micro lender, Dolla Financial Services Limited is scaling back on its Guyana expansion and will instead focusing on building out its operations in the capital of Georgetown, which was launched two years ago.
This is based on a decision of the company’s board of directors, directing the management to focus on its sole operations in Georgetown for now. Dolla Financial CEO Kadeen Mairs made the disclosure at Dolla’s annual general meeting (AGM) at the AC Marriot Hotel last Thursday (June 1).
Mairs told shareholders, “the board has taken the decision that management should focus on the Georgetown operation rather than expanding to the Berbice area, so we will continue to grow in Georgetown instead of opening a new location outside of Georgetown for the moment.”
The second location in Guyana was for Berbice, where the opening was slated for this year with funding coming from part proceeds from the J$1.5 billion raised from a bond offer last year.
Dolla ‘still learning Guyanese market‘
According to Mairs, “Guyana is a new market. We are still learning the market, and we don’t want to get too aggressive in a market that we are new to.” On the positive side, Ultra Financial continues its Jamaican expansion, opening a second branch at Fairview in Montego Bay at the end of last month.
This expansion comes just seven months after the subsidiary’s launch, demonstrating its rapid growth and commitment to serving high net worth clients in St. James. Located at Block C3 Fairview II Office Park, Montego Bay, St. James, the new branch provides a convenient location for individuals seeking to collaterize their luxury assets and secure loans ranging from J$500,000 to J$150 million.
Strong growth of loan book
Since its incorporation in August 2022 as a subsidiary of Dolla Financial Services Limited, Ultra-Financier has quickly gained traction in the market. Under the leadership of CEO David Henriques, the company’s loan book has already reached J$543 million with a portfolio of assets valued at J$1.25 billion.
These assets include motor cars, urban and rural properties, as well as blue-chip stocks, serving as collateral for the loans. Ultra-Financier is committed to providing fast, private, and trustworthy financing solutions with minimal requirements.
The company firmly believes that owners of luxury assets should have the ability to leverage their valuables for liquidity, and it strives to offer this service to its clients. The Montego Bay branch will operate from Monday to Thursday, 9:00 am to 5:00 pm, and on Fridays from 9:00 am to 4:00 pm.