The National Bank of Belize Limited (NBB) has entered into a partnership with financial technology company, Bitt, to add an eWallet to its existing mobile banking services. NBB is licensing a digital currency infrastructure from Bitt to support retail and business users' access to simple, secure and efficient payment solutions as they recover from the global economic crisis.
The NBB Pay eWallet will be launched to customers commencing in early 2021, and will be made available to all customers and businesses by mid-2021. NBB eWallet users will be able to directly transact customer-to-customer, customer-to-business and business-to-business, as well as pay bills and offer safe online transactions for merchants and customers.
Bitt provides Digital Currency Management Systems (DCMS) to central banks, commercial banks and credit unions, merchants and consumers, to equip every ecosystem participant with the digital currency components necessary to participate in fully digital transactions for the post-COVID-19 economy.
While speaking about the transformational opportunities that digital payments bring to developing economies, CEO of Bitt, Brian Popelka remarked, "We are thrilled to provide the National Bank of Belize Limited with our DCMS, and to enable a modern digital financial ecosystem in Belize. As we continue to roll out digital currency platforms - including mMoney in Barbados, and DCash with the Eastern Caribbean Central Bank - we see our mission of financial inclusion taking hold. Developing economies stand to reap many benefits from the evolution of digital payments, and Bitt is proud to be at the forefront of this financial innovation"
General Manager of the National Bank of Belize Limited, Mr. Alvaro Alamina commented that, "The National Bank of Belize is pleased to partner with Bitt to deliver the world's latest financial technology to our customers. In recent years, there has been a noticeable increase in cashless financial transactions, and the era of smartphone technology has accelerated our move in this area. The Bank is committed in doing its part to bring financial inclusion for the unbanked and underbanked in our country. A benefit of this partnership is that NBB Pay will serve to alleviate some of the pressures of the health crisis, as users of the eWallet can effectively reduce their in-person interactions when conducting day-to-day business."
The NBB has planned an extensive public education campaign to sensitise Belizeans about its new product offering ahead of and during the launch of the NBB Pay eWallet.