Earl Jarrett (right), general manager of Jamaica National Group, and Lowell Hawthorne (left), president and CEO of Golden Krust Caribbean Bakery & Grill, seem pleased after yesterday's formal partnership announcement for a joint money transfer service from USA to Jamaica. Looking on is Leon Mitchell, executive director of Jamaica National Overseas. The announcement took place at the Jamaica Pegasus Hotel.

Jamaica National Overseas (JNO) and Golden Krust Financial Services, Inc have formed a joint company that will offer money transfer service from several locations in the USA, to Jamaica National's branches throughout the island.

The money transfer service will be offered under the brand name, JN International Money Transfer.

The formation of the company - GKJNO, INC - formally announced yesterday at the Jamaica Pegasus Hotel in Kingston, followed an agreement signed by the two companies last year October to explore the joint venture partnership.

Both Earl Jarret, president of Jamaica National Overseas (USA) Inc, and Lowell Hawthorne, president and CEO of Golden Krust Caribbean Bakery & Grill, said the partnership was a win-win for all involved.

"This strategic partnership puts us in a position to broaden the convenience of the money transfer service while maintaining the personal touch," said Jarrett who is also general manager of Jamaica National Group, the parent company of JNO.

Hawthorne said that his company was already in the service industry and that "adding the financial aspects to the operations will make shopping at Golden Krust a one-stop facility to our customers".

Under the partnership, services will be initially offered from two pilot locations, one in Florida and the other in Connecticut, and from three franchise locations in New York.
Golden Krust currently has over 80 franchises across the United States, having started from one store in Bronx, New York.

Jamaica National Overseas (USA) Inc has been operating in the United States for over 14 years as a licensed money transmitter. It has four offices and over 100 agents in New York and Florida with plans to expand its money transfer business to other states, including Connecticut, New Jersey, Georgia, Maryland and Washington DC.

GKJNO is the organisational structure through which financial and other services, including sale of money orders and bill payment locally in Jamaica, will be offered.

The companies disclosed yesterday that the focus would be on New York, Florida, Connecticut and New Jersey. The long-term plan, they said, was for GKJNO to take the operation extensively throughout the United States, dominating the eastern seaboard and other areas such as California and Texas, as well as Canada and the United Kingdom.

"It is anticipated that the roll-out of the initial phase will be early next year," said a press statement. "The target market is primarily Caribbean nationals with relations and commitments in their home country, and those in need of convenient low-cost bill payment and other financial services."

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