2 weeks ago
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Jacinth Hall-Tracey will step down as managing director of Lasco Financial Services Limited in less than six months, having worked with the company for two decades in different capacities.
Her tenure comes to an end on December 31, having overseen the expansion of the company’s footprint in remittances, microfinance, and digital financial services amid recent market challenges.
Hall-Tracey joined Lasco in 2004; she became its managing director in 2009, a year before the company went public and listed on the stock exchange.
During her tenure, Lasco Financial acquired the MoneyGram operations from Supreme Ventures in December 2011, and acquired Scotia Jamaica Microfinance Company Limited in 2017 to grow its microfinance subsidiary.
Lasco Financial grew rapidly, hitting record revenue of $2.5 billion in March 2020, before the coronavirus pandemic disrupted its business. The company hit that level of revenue again in 2022, but the recovery didn’t last. Since then, annual revenue has dipped gradually and was at $2.15 billion at year ending March 2025.
Meanwhile, Lasco Financial’s profitability has faced headwinds in recent years. The company made a profit of $306 million in 2022, but its bottom line has shrunk yearly since then to $58.6 million at March 2025. Lasco Financial cited shrinking margins in its remittance business, increased competition, and restructuring costs at its microfinance arm as key factors in that outcome.
In a release to the Jamaica Stock Exchange, Lasco Financial said Hall-Tracey’s pending departure was by “mutual agreement”. She will work alongside newly appointed General Manager Sharlene Williams over the next six months to ensure a smooth transition. Post-resignation, Hall-Tracey will continue to provide consulting and advisory support to Lasco Financial as needed.
The company has begun its search for a permanent replacement.
English (US) ·