- Published on Tuesday, 06 August 2013 04:23
- Written by Caricom News Network
KINGSTON, Jamaica – August 6, 2013 - JN Money Services Limited (JNMS) has expanded its global JN Money Transfer network to over 8000 locations, up from 350 agents and branches at the start of the year.
Leesa Kow, General Manager, JNMS says the increased network has come as a result of two partnerships, which has enabled the company to extend its remittance services to Guyana, Barbados, Trinidad and Antigua in the Caribbean, and the Philippines in the Pacific, which has added the bulk of the new locations for the popular remittance company.
JNMS sealed a deal with the Philippines’ G-xchange, Inc. (GXI) in March. GXI is the owner of the Philippines money transfer brand, GCASH REMIT; while the Caribbean expansion was facilitated by a partnership with Laparkan Financial Services, Miss Kow added, a company owned by leading Guyanese freight handlers, Laparkan Trading Company. The deal expands JN Money Transfer’s network in the Caribbean to eight countries, including Jamaica.
“We are a Jamaican company, a subsidiary of Jamaica National Building Society; and our customer base encompasses our Jamaicans at home, and those in the Diaspora; the vast number of Caribbean people living outside of the region; as well as, people who have migrated to the Atlantic region from other parts of the world, and require remittance services that are quick, reliable and convenient,” Miss Kow said.
And, she also underscored that the partnerships were a testament to the global strength of the JN Money Transfer brand.
This current initiative is a part of the company’s ongoing expansion, which picked up speed in 2010, when JNMS acquired the assests of the Cayman-based remitter, QuikCash to become the main remitter along the Cayman to Jamaica corridor. Following that acquisition, JNMS also added new branches and Agent locations to its operations in the United States of America, Canada and the United Kingdom and solidified its Agent partnership in Ghana in 2011, increasing its JN Money Transfer network, at the time, to more than 350 Agents and branches.
Pointing to the Laparkan partnership, Miss Kow stated that the agreement has further deepened JN Money Transfer’s ties in the Caribbean and strengthens its position as the number one Caribbean-owned remittance entity.
Laparkan, a subsidiary of one of the Caribbean’s leading freight handlers, has nine payout locations in Guyana; and, its post office outlets will soon be included to bring the number of remittance payout locations across the South-American CARICOM member state to more than 50. And, the company has a combined six locations in Trinidad, Antigua and Barbados.
Miss Kow also explained that the Philippines-based, GCASH REMIT partnership will be very important to the company’s USA and Canada markets, as well as Cayman Islands operations. The USA is home to about 3.4 million Filipinos, while over 400,000 live in Canada. Filipinos are also the second largest group of migrants in the Cayman Islands.
“The partnership with GCASH has certainly strengthened our position in the USA and Canada, and particularly in the Cayman Islands, where we are fully poised to become the ‘remitter of choice’ for migrant workers there, who send funds to their relatives and friends in the Philippines,” Miss Kow explained. JN Money Transfer currently dominates the Cayman to Jamaica corridor and has some 76 branches and Agents across the USA, which includes major cities such as New York and Florida; and 42 Agents and branches across Canada.
“The GCASH partnership also positions us to strengthen our business in the UK where about 200,000 Filipinos reside in areas, such as Birmingham, Liverpool and Manchester where JN Money Transfer has a very strong network of branches and Agents,” Miss Kow maintained.
She acknowledged that the agreements with Laparkan and GCASH are excellent partnerships, which will bolster JN Money Transfer’s global strength, commitment to quality customer service and its thrust to develop sustainable linkages around the globe.
Paolo Baltao, President of GXI said “This partnership with JNMS has created a valuable opportunity for both our companies to explore and develop products to meet the evolving needs of the customers, especially in The Cayman Islands, where many Filipinos have expressed a need for remittance services to their home in the Philippines.” He added, “With GCASH REMIT, senders are assured that their hard earned money are claimed securely and instantly by their beneficiaries without any hassle. Also, beneficiaries receive the remittance without any deductions across 8,000 GCASH outlets nationwide.”
Meanwhile, Glen Khan, Chairman of the Laparkan Group of Companies, which owns Laparkan Financial Services, also embraced the partnership with JNMS.
“We certainly welcome this arrangement with JN Money Transfer, which sets the pace for the development of other tangible benefits for our financial services. This will certainly enhance the remittance experience for our customers in and outside of Guyana, and also in Barbados, Trinidad and Antigua by giving them access to an affordable Caribbean remittance service that understands their needs,” he maintained.
JNMS based in Kingston, Jamaica, markets its services under the JN Money Transfer brand, in several other Caribbean countries, including The Cayman Islands, St. Vincent and the Grenadines, and Dominica. The company also has an extensive and growing operations in the United Kingdom, the United States of America, Canada, and Ghana.