Durrant Pate/Contributor

Prominent brokerage and investment outfit Mayberry Group has gobbled up another large chunk of shares in micro-financier Dolla Financial Services, making it the single largest shareholder.

Mayberry, through its wholly-owned subsidiary, Widebase Limited, has acquired 175 million shares in Dolla Financial, amounting to seven per cent of its total outstanding shares.

This latest equity acquisition by Widebase, a St Lucia-based international business company, increases its ownership of Dolla to 21 per cent, with Mayberry on its own commanding 11.6 per cent equity.

All together, Mayberry with Widebase owns 32.6 per cent equity and even more when Supreme Ventures, which is majority owned by Mayberry, 15 per cent equity is considered. Widebase intends to apply to the Bank of Jamaica (BOJ) to obtain regulatory approval to hold more than a 20 per cent interest in Dolla, which is mandated by law.

Large blocks of Dolla shares sold

Widebase, with the support of the Mayberry Group, will commence the application process with the BOJ immediately. In October 2023, FirstRock Private Equity sold a second large block of its majority equity in Dolla for over half a billion.

Some 250 million Dolla shares or 10 per cent equity interest in the micro-financier was acquired by Mayberry through Widebase, which holds investments in equity securities, including joint venture Cherry Hill Development Limited and a 13.26 per cent stake in Jamaican junior market-listed e-learning company EduFocal Limited.

The shares were sold to Mayberry on September 29. Mayberry is regarded as a connected party to the deal, considering that it has 9.0 per cent equity in Dolla Financial, having bought 225 million shares in the fast-rising micro-financer back in July 2023.

Latest quarterly performance

In the March 2025 quarter, Dolla achieved total income of J$503 million, marking a 38 per cent year-over-year increase. This growth reflects the dedicated efforts of Dolla Financial’s sales team as well as sustained customer trust and support.

Net interest income before expected credit losses totalled J$402 million, an increase of 32 per cent year-over-year, underscoring the strength of its loan operations. Operating expenses rose by J$130 million to J$282 million. This increase is due largely to an irrecoverable bad debt. 

This, coupled with increases in staff costs due to an increased staff complement at Ultra (subsidiary) and costs associated with its continuous marketing efforts, has driven the growth in administrative expenses. Expected credit losses also saw a significant year-over-year increase from J$4 million in March 2024 to J$50 million in March 2025. 

Through its recent portfolio review, management identified loans on the books with an elevated probability of default and has adopted a more conservative approach to provisioning. These events, coupled with the final phase of provisioning for Dolla Guyana portfolio, have led to these increases. 

The expenses were cushioned by the 38 per cent growth in income, which resulted in a profit before tax of J$121 million. This represents a year-over-year decline of 21 per cent but a quarter-over-quarter increase of 11 per cent, as promised to shareholders.