KINGSTON, Jamaica – JN Money Services (JNMS) has expansed its Caribbean remittance network, with Dominica becoming the third Caribbean island in which JN International Money Transfer will operate.
According to Emile Spence, JNMS General Manager, who says the company has been operating in the Capital, Roseau, since July 1, “An agency relationship has been established with the Roseau Co-operative Credit Union Limited (RCCU), to send and disburse remittances that come into the island” on behalf of the growing international remittance service.
JN Money Services’ Caribbean rollout is in time to benefit from a March 2007 prediction by Inter-American Development Bank’s Multilateral Investment Fund (MIF) that remittance to Latin America and the Caribbean will continue to grow and surpass $100 billion a year by 2010.
Last month, the Cayman Islands and St. Vincent and the Grenadines were the only two Caribbean territories where JN International Money Transfer operated, but Mr. Spence says it is hoped that “this new business in the island, sandwiched by St. Lucia and Guadeloupe, will stimulate increased money movement in that part of the region.”
Emile Spence (left), JN Money Services Limited General Manager, discuss a recently signed ‘Power Partnership’ with Damian Obiglio, President and CEO of Jamaica Public Service Company Limited (JPS), during the launch in February.
He emphasised that one attractive feature of the Dominican market was the fact that the migrant to citizen ratio was favourable to remittances, with migrants accounting for more than 54% of the population in 2005. “This strategic position of Dominica in the chain of islands bodes well for further expansion in the Eastern Caribbean,” he opined.
With new technologies improving efficiency for remittance companies, flows in the Latin American and Caribbean region have grown, netting some $200 billion in 2007.
Mr. Spence declared that person-to-person remittances to all markets within Dominica will be facilitated in addition to bill payment, account and third party transfers to Jamaica only.
Since February, the remittance and bill payments company has been on a positive growth path, making inroads into new lines of business.
The move, in February, by JPS to transfer the management of the bill collection operations at 16 JPS commercial locations to JN Money Services, makes the entity one of the largest bill payment entities in Jamaica. Bill payments are collected at JN Money Shops; JN Money Xpress and JNBS branches.
The charge-free bill payment service continues to differentiate the company from those that collect fees.
More recently Guardian Life Limited partnered with JNMS to facilitate the collection of insurance premiums through its 28 locations, which include JNBS and JN Money shops.