The Central Bank of Trinidad and Tobago (CBTT) says it has issued provisional registrations to two additional companies, including the Telecommunication Services of Trinidad and Tobago (TSTT) as electronic money (e-money) issuers.
The CBTT said the provisional registration, which has also been given to PESH Money Limited (PESH), cover an initial six-month period and authorizes the two companies to issue e-money from March 1, 2023.
“Under the terms of the registrations, both companies will be allowed to enlist new customers in a controlled environment monitored by the Central Bank,” the CBTT said, adding “E-money can be broadly defined as an electronic store of monetary value on a technological device including mobile phones that may be widely used for making payments to entities other than the e-money issuer”.
The CBTT said E-money may be used for payment transactions with or without bank accounts.
TSTT, a locally incorporated company since 1968, is jointly owned by the Trinidad and Tobago government and Cable & Wireless (West Indies) Limited.
“TSTT’s core business is as a mobile network operator and provider of telecommunications solutions to residential and commercial markets in Trinidad and Tobago. TSTT aims to provide e-wallet services to allow peer-to-peer transfers and payments to merchants in Trinidad and Tobago,” CBTT said.
It said PESH is a privately-owned, local company, incorporated in 2017 and is aiming to provide customers with e-wallets to facilitate the storage of e-money and allow peer-to-peer transfers from mobile wallets to mobile phone users in the twin-island republic.
CBTT said it has extended the provisional registration of another company, PayWise Limited for a further six-month period starting March 1.
PayWise was granted provisional registration on September 1, last year.