BASSETERRE St. Kitts – Smooth music flowed through the air at the private ceremony that marked the official opening of FastCash (KN) Limited.
Specially invited guests and Government officials came out to congratulate and bid success to the management and staff of FastCash as they strive to provide an easier method for the ‘small man’ to borrow money. The ceremony, which was held at Sweet Lime Bar & Restaurant, saw delectable treats being served while everyone enjoyed the beautiful scenery of Porte Zante.
The highlight of the evening were the few words spoken by Michel Williams, CEO of FastCash when he explained the obstacles he had to overcome for the company to not only come into being, but become the success that it has been since its inception.
He explained that traditional commercial banks of the last few centuries typically expressed three concerns when it comes to micro finance - Risk, Expense, and Socio-economic and cultural barriers. He said that with these concerns in mind, Micro Finance Institutions such as FastCash have developed innovative financial methodologies that allow them to process micro consumer loans from introduction to funding in two hours or less while reducing the risks and costs.
He explained, “We generate repayment rates that compare favourably with the loan performance of many traditional banks and by using these methodologies we can say, with justifiable pride, that we are achieving increasing levels of sustainability and even profits.”
“FastCash is growing from strength to strength. We currently serve over 26 000 clients out of nine offices. Today, here in St. Kitts, we can proudly say that we have opened operations in our sixth island and our tenth office from inception in 2004.
“We are striving and will continue to strive to meet the needs of the sector at the personal level and soon at the micro business level because we recognise the absolute importance of the sector and we believe we have the commitment, the methodologies, and the human resources to succeed,” he said.
FastCash is a consumer lending company operating out of Antigua, Dominica, St. Lucia, St. Vincent and Grenanda and has just begun offering loan services to the people of St. Kitts yesterday (July 25).
It was established in Dominica in 2004 and spread throughout the OECS and offers its services to 26 000 clients.
