Sagicor Bank Barbados is the first fully digital neobank in the English-speaking Caribbean. It utilizes Mbanq’s Banking-as-a-Service solutions for technology and operations.

The neobank’s branchless, digital financial services model enables it to offer depositors a cheaper and more efficient alternative to traditional banks. The launch was delivered by Mbanq, with Sagicor’s technology stack hosted on-premise in Barbados.

With Mbanq’s help Sagicor operates at the peak of modern digital banking with easy-to-configure banking products and all required back-office and regulatory functionalities.

George Thomas, CEO of Sagicor Bank Barbados, says, “Mbanq’s technology enables Sagicor to bring cost-efficient, cutting-edge digital financial services to the people and businesses of Barbados.

“Sagicor’s focus is on quality and Mbanq’s technology base allows us to deliver a customer experience of the highest order. Beautifully designed mobile apps streamline account creation to just a couple of minutes. Subsequently, the entire financial landscape opens to customers. Debit and savings accounts, access to credit cards, auto loans and mortgages or making payments nationally and internationally, can be done with the tap of a finger.

“A major FinTech innovation and user enhancement sees Sagicor as the only bank in Barbados to offer virtual debit card and cardless transactions via its automated banking machines.”

Sagicor Bank Barbados offers a full complement of banking services, including deposit and savings accounts, virtual and physical cards and a range of lending products such as loans and mortgages.

Lars Rottweiler, Mbanq’s CTO says, “Sagicor Bank Barbados has launched a standout bank that allows retail customers and business organizations access to digital financial services extremely efficiently, without delays or undue costs. Sagicor’s stylish apps, focus on customer service and cost-reduction means it is well positioned to offer outstanding service to communities and businesses in Barbados.”

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