Mon | Apr 23, 2018

Mobile money provider sets up shop in New Kingston

Published:Wednesday | June 8, 2011 | 12:00 AM

A mobile money provider based in Dallas, Texas, has set up shop in Jamaica, staking claim in a remittance recipient market worth US$1.9-US$2 billion annually.

Mozido Jamaica Limited will operate from office space leased from Lasco Financial Services in New Kingston.

The company was incorporated in Jamaica on May 19 as a provider of electrical services, with its sole director identified as American business executive Gregory Corona of Dallas, and major shareholder Mozido LLC.

The company's representative in Dallas, Julia Sun, did not respond to requests for comment about Mozido's Jamaican plans.

Jacinth Hall-Tracey, general manager of Lasco Financial Services, said the American company had leased the 5,800 square foot property located in the high-rent business district on the rental market since September 2010.

The space was previously occupied by Zenith Insurance Brokers.

Lasco, a junior stock market company, initially disclosed in a market filing that it had secured a five-year lease for the space, effective from May 15, 2011.

The deal was finalised May 20, the notice said.

Mozido describes itself on as a leading provider of multichannel transaction services to retailers, mobile network operators and financial institutions; offering "solutions that enable easy and secure transactions such as, person-to-person money transfers; bill payments, international money transfers, retail purchases, purchase of airtime all from the convenience of the mobile phone, and without the need of a traditional bank account".

Created in 2006, the company in October 2009 transitioned from Affinity Global Services to Mozido.

In March 2011, Sun disclosed that the company had secured 'growth funding' from Tomorrow's Ventures, a California-based investment firm.