Sagicor Group Jamaica on Wednesday announced its entrance into the microfinance business through a strategic alliance with the Guardsman Group. This alliance will leverage Guardsman Group’s existing microfinance business, Travel Cash Jamaica Limited. The alliance has established a new company, in which Sagicor Group Jamaica owns 51 per cent per cent shareholding and the Guardsman Group owns the remaining 49 per cent.

Chris Zacca, president and CEO of Sagicor Group Jamaica, a financial services conglomerate offering Insurance, Commercial Banking, Investment Banking, Real Estate, Asset Management and Retirement Planning services, explained the strategic thinking behind the alliance.

“Sagicor is intent on delivering excellent service to all clients at all points of contact within the group and this will further help us in our goal of delivering convenience and financial inclusion for all Jamaicans.” he stated.

Guardsman Group Limited, an organisation with 40 years of experience in the private security sector, is known for pioneering technologies and procedures that provide customers with solutions in security, cash logistics, lifestyle, entertainment, sustainability and hospitality.

The group’s Managing Director Vinay Walia voiced his enthusiasm for the new joint venture.

“We are pleased to join with Sagicor Group Jamaica to expand the excellent service offered by Travel Cash Jamaica to provide additional loan options to citizens,” he said. “We are bolstering the microfinance options across Jamaica and securing the dreams and aspirations of our returning and new clients as availability of capital is the bedrock of personal, business and national economic development.”

In speaking to the public roll out of the new company, Zacca added that, “both Guardsman and Sagicor are working together to implement the strategy for the new entity over the next few months”.