Remittances rise at JNMS
Remittance service provider Jamaica National Money Services has reported an increase in business through the US over the past six months.
More money has been sent to Jamaica over the years, with 2011 showing the highest amounts of cash sent in 10 years, said Leesa Kow, general manager of JN Money Services Limited (JNMS).
Earlier this year, the Bank of Jamaica reported that remittance inflows of just under US$1.7 billion ($150 billion) for the first 10 months of the 2011-12 fiscal year represented the largest sum since the 2008-09 fiscal year.
Remittance companies alone saw increased growth by over six per cent to US$83 million for the period, which the bank said was due to growth in the source economies at that time.
But positive development in the US economy is not the only reason for the increased business to JN Money Services, Kow said.
The company's consistent performance throughout the past three years, as well as its strategic planning, has contributed to the growth, she said.
This expansion is expected to continue this year, she said, especially since more is being done to market the brand.
Since 2009, the company added new branches in the US, Canada and the UK — a move Kow said was calculated to bring in