NBS now onboard with MMG for easy mortgage payments

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Minister Ashni Singh along with Chairman of NBS, Dr Nanda Gopaul; General Manager of MMG, Bobita Ram, Manager of NBS, Anil Beharry and board of directors at the launch on Tuesday

 

 

Queues to make monthly mortgage payments will now be a thing of the past, as the New Building Society on Tuesday joined as the newest MMG biller – the first institution of its nature to implement such in the country.

In the new era of digital payments, mortgage holders will find greater accessibility in processing their dues through MMG – a transaction which takes just eight seconds.

General Manager of MMG, Bobita Ram said this collaboration provide persons with an avenue to pay their mortgages through over 820 agents across the country.

Moreover, they no longer need to visit NBS directly to deposit these funds, a time and resource consuming errand.

“There is really no limit to mobile money in a world where digital transformation is the hot topic. As we go forward, it is not only about paying in Guyana but Guyanese everywhere will be able to pay their bills, top-ups or whatever it is they need to pay using MMG,” Ram said.

In recent years, MMG has recommitted its mandate to extending its reach. Ram encouraged other banks to lead the way in providing innovative payment solutions and adopting mobile payment technologies.

For the coming year, more enhancement is promised to MMG users including targeting the diaspora to change the way business is done. In eight seconds, their transaction can be completed.

Chairman of NBS, Dr Nanda Gopaul shared that this addition affords some 10,000 mortgages with a loan portfolio of over $52 billion with easier access to pay their dues.

“It is in response to our mortgagers who are throughout the length and breadth of this country wanting to come out of the line and come out of the habit of walking with bulks of money to transact their business…People can have service without frustration, without agony and without the risk of being robbed.”

In his remarks, senior Minister with Responsibility for Finance, Dr Ashni Singh underlined that the COVID pandemic forced an accelerated deployment of technology than could ever be achieved in a normal setting.

There are more than 950 entities in Guyana that have the capability to accept MMG payment. These include major utility companies, regional utility entities, internet providers, government agencies, local government agencies, educational institutions, financial institutions, hire purchase companies, supermarkets, insurance companies, insurance brokers, shipping companies, restaurants among others.

Dr Singh said the aim is to have a country where every person of age can access digital payment services and every home has access to connectivity.

“This is about making people’s lives easier. As long as you have a phone, you don’t need to leave your house to make your NBS payment…That transformation and modernization to which we aspire is not only about new bridges, new highways, new roads, new hotels, new restaurants and new industries. That modernization and transformation are also about modernizing and transforming the way we do business,” Minister Singh disclosed.

NBS has been in existence for over 83 years and operates across the country.