Audrey Marks regains full control of Paymaster after Digicel stake deal

Ambassador Audrey Marks has taken back ownership of Paymaster Jamaica Limited after two years of talks with Digicel Group, the telecommunications company. The deal makes her the only owner of the business, which was established as Jamaica’s first multi-payment agency and provides bill payment, remittance and subscription services in one place.

The agreement brings to a close negotiations that started in 2024, before Marks took up her present government posts as Minister of Efficiency, Innovation and Digital Transformation and Member of Parliament for Manchester North Eastern. Through the transaction, she purchased the 80 per cent shareholding Digicel had in APM, the parent company of Paymaster Jamaica Limited.

Marks started Paymaster in 1997. The company later became one of the better-known payment service operators in Jamaica, reaching individuals, businesses, state entities and communities across the country through its branch network and payment platforms.

She said customers should not expect any disruption in Paymaster’s daily service.

Marks said the buyback takes the company back to its business-building beginnings while opening another phase centred on expansion, updated systems and stronger service to customers.

“Paymaster has always been about innovation, accessibility, and delivering value to our customers. This transaction allows the Company to build on its strong foundation while positioning for future growth opportunities in an increasingly technology-driven environment,” said Ambassador Marks.

She also made clear that, because she is now a Cabinet minister and parliamentarian, she will stay away from Paymaster’s routine management. Marks said those public duties leave her with limited personal time and could also create conflict-of-interest concerns.

“I will be entering into strategic management arrangements for the day-to-day operation of the company,” she told The Gleaner.

Marks said she moved to repurchase the business after Digicel’s ownership changed and the company’s new leadership placed its attention on telecommunications instead of other parts of the group.

“With the change in ownership, I therefore saw an opportunity to come back and transition Paymaster to a fin tech company,” she said.

According to Marks, advances in technology now create room for Paymaster to serve Jamaicans more widely, both at home and in the diaspora.

She said the company intends to build an international market by extending services to diaspora communities through online channels and physical locations.

“The goal is to make it easier for Jamaicans to access financial and other services that are affordable and acceptable,” said Ambassador Marks.

“Paymaster extends its appreciation to Digicel for its partnership and support over the years and looks forward to working closely with all stakeholders as it embarks on this exciting new phase of growth and transformation,” Marks added.