On the latest episode of Algo’s Podcast, Sadeeke McGregor, President of Renozan Limited, described a subtle — but unmistakable — reshaping of Jamaica’s financial architecture. He called it “an infrastructural reshuffling,” but its implications stretch beyond semantics. The conversation didn’t just critique the current landscape. It mapped out who some of the new players are.
The ATM’s Quiet Retreat
McGregor highlighted what many institutions already sense but few admit aloud: the ATM is in retreat — not because cash has lost all relevance, but because its delivery system no longer aligns with how money is actually moving.
“The ATM is losing its purpose,” he said. “We are watching a payment instrument fade — not because people don’t want cash, but because POS systems are now integrated into trade.”
Bank of Jamaica’s own figures confirm the slide:
- ATM withdrawal volume dropped from 25.14M to 24.77M
- ATM value withdrawn fell J$51.7B, from $470.6B to $418.9B
Meanwhile, POS surged:
- Volume up by 3.7M
- Value moved jumped to J$662.5B, from $610.7B
McGregor wasn’t celebrating a trend — he was mapping it. Each data point a coordinate in a redrawn financial terrain.
“Card payments are no longer an optional channel,” he said. “It is the dominant layer through which money now flows.”
The discussion pivoted to the unsung class enabling this shift — POS software providers. Historically boxed into inventory and receipt management, they now find themselves at the nucleus of commerce.
“They’re not just software vendors anymore,” McGregor said.
“They’re becoming custodians of the flow.”
Across the Caribbean, these providers already touch the checkout, the stockroom, and the customer. The only component historically withheld from them? The payment layer.
And that withholding, McGregor implied, is no longer viable.
“They’re doing 60% of the job. Renozan has given them the other 40%.”
Unlike global markets — where one provider often coordinates both software and terminal — the Caribbean still operates in silos. Renozan, through deliberate design, has dissolved that wall:
- Empowering POS providers with payment enablement
- Automating checkout via cashierless terminals
- Routing payments directly across all local banks
- Merging inventory with financial flow, at source
“We don’t talk about POS much,” McGregor said. “But we should. They’ve become the meeting point of trade, trust, and transaction.”
