KINGSTON, Jamaica – Leesa Kow, General Manager of JN Money Services Limited (JNMS), which operates the popular JN Money Transfer brand, says the company experienced growth in its business from the United States of America (USA) during the first six months of the year.
Miss Kow noted that this was in line with national growth figures published by the Bank of Jamaica, showing that remittances to Jamaica surpassed US$1 billion and are expected to grow further, although the BOJ cautions inflows could be affected by continued debt challenges in Europe and difficulties in the US job market.
“In line with World Bank predictions, remittance inflows to Jamaica have been strengthening generally, and the year 2011 ended with inflows at their highest levels in a decade for a calendar year. This trend is expected to continue throughout 2012 for JN Money Transfer, given the anticipated returns from marketing initiatives and the Jamaica 50 celebrations,” said Miss Kow.
While economic conditions in source countries, such as the USA, have improved when compared to 2008, Miss Kow noted that JNMS, a subsidiary of Jamaica National Building Society, had made several strategic moves during the three-year period, 2009-2012, which have also contributed to the improving inflows under its JN Money Transfer brand.
“JN Money Transfer has been consistent in its performance over the past three years, strategically expanding in several markets where we had an established presence,” Miss Kow explained.
The company added two new branches in Queens and Brooklyn, New York, USA, in the latter months of 2011; and opened new branches in Ontario, Canada; as well as in Manchester, in the United Kingdom, while adding several new agents to bring its total network to 350 branches and agents across the North America, the Caribbean, the UK and Ghana, Africa. In addition, the company acquired the QuikCash operation in the Cayman Islands in 2010.
Leesa Kow
General Manager
JN Money Services Limited
Miss Kow added that its new brand campaign, initiated in November 2011, also broadened the appeal of the JN Money Transfer brand and contributed positively to remittance inflows throughout the year.
JNMS operates 10 branches across the US and some 52 JN Money Transfer agents.
