The digital finance company, known for its rapid expansion across Jamaica’s merchant ecosystem, is facing renewed calls to establish a formal partnership with a licensed local financial institution as it prepares to expand into broader consumer markets.
The company has onboarded over 1,200 merchants across multiple industries, ranging from retail and distribution to food service and fuel. Its integrated payments infrastructure has introduced new efficiencies to the sector, particularly through its Tap-to-Pay terminals and credit facilitation systems. However, as Renozan signals plans to launch wallet-based consumer services and national debit card issuing, concerns are mounting about its lack of domestic banking alignment.
At present, Renozan operates on international payment rails and external infrastructure—an approach that has enabled fast growth but is now being questioned as the company’s role in the financial system deepens.
From a business standpoint, their execution has been impressive,” noted one senior market analyst. “But their operational base still lacks a Jamaican financial institution. As the product scope widens, that’s becoming harder to ignore.
Stakeholders have cited the importance of a local deposit-taking institution (DTI) to provide settlement support, deposit assurance, and deeper integration with the domestic financial system. Without it, they argue, Renozan may face limitations in scaling nationally—or in withstanding regulatory tightening as digital finance becomes more central to economic policy.
In a public statement, Renozan President Sadeeke McGregor addressed the growing scrutiny:
We’ve built on trust, execution, and proof of concept. A local alliance, if required, won’t be reactive—it’ll be strategic. The right partner will complement our pace, not restrict it.
Sources familiar with the matter confirm that Renozan is currently in dialogue with one or more locally licensed financial institutions, exploring pathways to secure a compliant and scalable foundation for its infrastructure.
As the company edges closer to its consumer rollout, many believe the next few weeks will determine whether it consolidates its role in the financial sector—or is forced to reengineer its core strategy under pressure.
