Two senior executives resign from Access Financial in a month Loop Jamaica

Black Immigrant Daily News

Access Financial Services Limited (AFS) is reporting the departure of another senior executive, the latest being its Chief Executive Officer, Frederick Williams.

The CEO will demit office on December 9, 2022, after assuming the role for a little over a year.

“AFS would like to take this opportunity to thank Williams for the diligence with which he executed his responsibilities and his contribution to the Company during his tenure. We wish him all the best in his future endeavours,” the company said in a notice via the Jamaica Stock Exchange earlier this week.

Access CEO Frederick Williams will demit office on December 9, 2022,

This is the second such shift in recent months in the executive ranks of the loans company as its marketing manager, Deveta McLaren, joined the staff of its competitor, Dolla Financial Services on October 3.

McLaren is now the Chief Strategy Officer for Dolla.

ASF executive chairman Marcus James recently attempted to dispel concerns that Dolla is also looking to acquire the company, advising shareholders at the company’s annual general meeting (AGM) that DFS’s intention which was outlined in a leaked letter to the media, was “nothing to consider.”

Deveta McLaren joined the staff of Access Financial’s competitor, Dolla Financial Services (DFS) on October 3.

Responding to questions about Dolla’s letter and talks of a possible takeover, James told attendees of the AGM that he had not received an offer that ASF could present to shareholders.

He further told shareholders that AFS is not looking to sell but is instead focused on aggressively growing its business loan portfolio and positioning itself to take advantage of expansion opportunities locally and internationally.

AFS, the larger of the two firms, became the first microcredit company to be licensed under the Micro Credit Act by the Bank of Jamaica on August 1, 2022. The licence enables AFS to provide microcredit services such as the granting of loans or business advisory services to individuals and MSMEs.

As of June 30, 2022, Access held a loans and advances portfolio of $4.65 billion; an increase of 12 per cent year over year, with total assets of $5.84 billion.

By comparison, as of September 30, 2022, DFS held a loan portfolio of $1.2 Billion with total assets of $1.4 billion.

Calls and messages to James by Loop News for a comment on the recent developments within Access Financial were unsuccessful.

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