KINGSTON, Jamaica — Sagicor Bank says changes to the financial market and its business are reasons why it is discontinuing the use of its MyCash card.

The bank, in a recent notice to customers, said it will discontinue the use of the card and its products. As of May 11, customers will no longer be able to use their cards or app.

In an email response to questions from OBSERVER ONLINE, the bank said this is because it is exploring different strategies.

“The MyCash programme was a partnership between Sagicor Bank and Prism, a subsidiary of Digicel. Both companies have seen benefits from the programme launched in 2018, and have valued the relationship working together to operate MyCash in the local market. However, given changes in market conditions and business direction, both companies have decided to explore different strategies for prepaid solutions targeted to this very important segment of the market,” the email said.

Asked if the bank will replace MyCash with a similar product, the bank said information will soon be forthcoming.

“We are committed to developing and providing convenient, innovative solutions to our Jamaican consumers; as such, more details of Sagicor’s prepaid and mobile strategy will be shared at a later date,” it said.

In the notice, the bank said the last day to load funds to their MyCash account is April 18, 2022. It said customers can renew and replace cards up to April 18, 2022, and that a monthly fee will still be charged on all open/active accounts until April 30, 2022.