Barita reports $3 billion profit, previews Brick by Barita mobile wallet at 48th AGM

Barita Investments Limited used its 48th annual general meeting to update shareholders on a landmark financial year, including a new Bank of Jamaica financial holding company licence, stronger group earnings, and a forthcoming customer-facing mobile wallet expected to reach the market within weeks. Chairman Mark Meyers addressed the gathering.

Barita Financial Group Limited received a Bank of Jamaica licence on March 17, 2026 to operate as a financial holding company, formally establishing BFGL as the holding company for Barita Investments Limited. In January 2026, Barita completed the purchase of 100 per cent of the issued ordinary shares of Barita Fund Managers Limited, previously JN Fund Managers Limited — a move described as key to expanding the group’s asset-management franchise.

The group recorded net operating revenue of $8.7 billion and net profit after tax of $3 billion. Meyers said capacity is also being built beyond traditional finance: Barita has moved into real estate development, with a project pipeline spanning Kingston, St. Mary and St. Ann.

A strategic partnership was also confirmed between Cornerstone and Proven Management Limited. Combined, the platforms cover banking, investment banking, asset management, real estate development, real-sector investments and financial technology, with a footprint across Jamaica, Barbados, the Cayman Islands, Bermuda, the British Virgin Islands, the Bahamas, St. Lucia, the United States and Canada.

The Bank of Jamaica has given its non-objection for Barita Merchant Bank Limited to launch Brick by Barita, a new mobile wallet. Dne Broadb, acting chief executive of Barita Merchant Bank and CEO designate of Barita Financial Group Limited, said the product is the first step toward a mobile banking platform.

“We’ve been working on this in the background for a while, which is why you haven’t really heard about us or this that much. But Brick by Barita is really the first step for a mobile banking platform. So customers onboard fully in minutes. In fact, a more reasonable measure here would be seconds and are issued a Visa virtual prepaid card instantly. So they can transact anywhere Visa is accepted from day one rather than waiting on a merchant network,” Broadb said.

Officials framed the digital-first push as a way to bring new customers into the formal financial system and create a scalable growth engine for shareholders, rolled out in phases under regulatory oversight. Brick by Barita is also being tested with features uncommon in Jamaica’s market, including possible conversational banking.

Stefano Damrosio, group innovation officer at Cornerstone United Holdings USA, said payments, banking and investments are intended to sit in one handset experience, with richer tools added over time.

“We envision the ability to have payments, banking, and investments located in one place in the palm of your hand. The road map itself is built out to deliver augmented functionality over time. So what you’re seeing at this point is very much just the introductory phase and what we are going to put to market very soon. But we have the vision to expand that significantly. So picture being able to say, ‘Hey, Stephano, send $5,000 to X person.’ Right behind the scenes, the AI would be able to determine is this the person that you’re looking for? Yes or no? And execute the transaction,” Damrosio said.

He added that research highlighted barriers to using technology, so the platform is being designed for broad access. Lending to people overlooked by traditional credit models is a priority, he said, with AI used to weigh factors beyond legacy scoring so credit can be extended reasonably, safely and at better rates for customers and the group.