KINGSTON, Jamaica – JN Money Services Limited (JNMS) and its sister organisation, the National Building Society of Cayman, have bought First Financial Caribbean Limited (FFCL) and First Financial Caribbean Jamaica Limited (FFCJL), which were subsidiaries of the First Financial International Group Limited, and operators of the QuikCash and SunMoney brands.
The sale agreement was signed on Friday morning (July 30) at the registered offices of JN Money Services Limited on Constant Spring Road, in Kingston.
“This acquisition solidifies JN Money Services’ position as a major player in the international remittance market, and provides the basis on which we can explore other ventures,” Leesa Kow, General Manager of JNMS said following the signing.
She stated that, “As the global remittance market, which amounts to more than US$300 Billion, according to the World Bank, continues to rebound, we see this acquisition as a strategic opportunity to expand our brand, as we take advantage of new and emerging markets.”
JN Money Services, which operates the JN International Money Transfer brand, has been enjoying steady growth, despite the impact of the global economic environment on the remittance industry, since late 2008.
“It is against that background that we continue to aggressively pursue our expansion initiatives, such as moving into the African market, and further consolidating our position in the Caribbean,” Miss Kow said.
Delroy Howell, Chairman of First Financial International Group, said that his main reason for selling was to free his organisation to explore other development projects in Cayman; and he saw JN Money Services as a company with vision, which would readily benefit from the infusion of the buoyancy of QuikCash and SunMoney.
“We observed the ‘people synergy’ of JN International Money Transfer, which was one of our main competitors in Cayman; and, welcomed the opportunity to sell our business to an organisation with a similar vision and philosophy,” Mr. Howell said.
Earl Jarrett, General Manager of Jamaica National Building Society (JNBS), which owns both JN Money Services Limited and National Building Society of Cayman, said that the purchase demonstrated the JNBS’ confidence in Jamaica, the new financial directions, and “the country’s ability to out-perform.”
He said that this marks the beginning of a new and exciting era for JN Money Services to better keep Jamaicans in the Diaspora connected, as the company continues to enhance and expand its services.
Delroy Howell (left), Chairman of First Financial International Group, signs the agreement under which JN Money Services Limited (JNMS) and its sister organisation, the National Building Society of Cayman, have bought First Financial Caribbean Limited (FFCL) and First Financial Caribbean Jamaica Limited (FFCJL), which were subsidiaries of the First Financial International Group Limited, and operators of the QuikCash and SunMoney brands. Leesa Kow (right), General Manager of JNMS examines the documents, along with (left to right) Jamaica National Building Society’s Assistant General Manager of Finance, Administration and Planning, Carlton Barclay; General Manager Earl Jarrett; and Corporate Secretary Byron Ward.
