Over the last month, rumors had been swirling around that Dolla Financial sent a takeover bid to Access Financial board members. If that deal was to go through Dolla Financial would be in a good position to further solidify itself in the microfinance market locally and expand into other financial services.
The executive chairman of Access Financial Services Limited (AFS) made it clear at shareholders’ questions at the company’s annual general meeting (AGM), held in Kingston on Thursday that the company is not for sale. Instead of selling the company, CEO Frederick Williams states that they are looking to expand aggressively.
“There’s really nothing to consider,” James said when questioned about the overture from Dolla that came in the form of an exploratory letter to its board.
“No offer was received. However, if one is made, we will be duty-bound to take that offer to shareholders,” James said.
Access Financial was given the green light last month from the Bank of Jamaica to issue microcredit services, this includes loans and business advice to individuals and MSME businesses.
Access is also looking to expand business operations in the United States. In 2018 they purchased Florida-based finance company Embassy Loans Inc, it seems to be relatively successful and they are using that as a gauge to expand on that.
Overall, it seems like the rumors can finally dissipate now given that we have heard from the men running the show at Access Financial. Even if that is the case, for now, we have seen strange twists and turns in the corporate world. We have to just wait and see how this develops over time.
