A MAJOR MILESTONE

Jamaica 2019 | FINANCE | INTERVIEW

TBY talks to Kadeen Mairs, CEO of Dolla Financial Services Limited on Finance sector.

Kadeen Mairs
BIOGRAPHY
Kadeen Mairs is CEO of Dolla Financial Services Limited and is responsible for the execution of the company’s business strategy, operating guidelines, and internal controls. Mairs has a wealth of experience in the areas of change management, organizational re-structuring, credit and risk administration, process efficiency, and human resource development. He also serves as director of Dolla Financial Inc, a subsidiary of Dolla Financial Jamaica. He has a BBA in Management from the Montego Bay Community College and an MBA in Marketing from the University of Technology, Jamaica.

What have been the main accomplishments for Dolla Financial Services?

Dolla Financial started operations in October 2014, offering remittance services through Moneygram, other services such as bill payments, check cashing, and some loans and financing. In September 2016, Dolla Financial Services did its first acquisition of M24 Investments, a microfinance company. That was a major milestone because the company attained its first microfinance loan portfolio and based on that, our loan book of JMD2 million jumped to over JMD100 million in less than two years. Since our last acquisition, we have disbursed over JMD400 million in loans to the microfinance sector. Notably, we have done many fundraising activities, demonstrating investors' confidence in the company. Similarly, we have done private placements, exempt distributions, and raised funds through our broker of stocks and securities. In the first fundraiser, we raised JMD35 million, and we are currently in the market to raise up to JMD250 million through a private placement registered with the Financial Services Commission. Furthermore, we are now incorporated in Guyana and seek to start operations there in 2019. In the future, we are looking to expand to Haiti, Barbados, and Cayman and giving each Jamaican the opportunity to own a part of the company through an IPO.

How is the company committed to implementing growth strategies?

For Jamaica, we plan to grow through acquisitions, prudently acquiring other microfinance institutions and their portfolios, and covering a greater mass of the market. We also focus on organic growth, and we will expand from eight branches to 15-16 by early 2019. Moreover, we will reach customers in rural areas to give them access to financing. This will give us a significant advantage and solidify our purpose to provide to those susceptible to poverty.