In a strategic move to strengthen its position in markets in which it was already rooted, JN Money Services Limited, the remittance and bill payment services company, has added nine new JN Money Transfer full-service branch and Agencies in the United States of America, the United Kingdom, Canada and the Bahamas during the past four-month period ending November.

The company, a subsidiary of Jamaica National Building Society, added two new full service branches to its New York, USA locations at Courts USA stores in the boroughs of Queens and Brooklyn; one branch in Manchester, England. Another was also opened in Scarborough, Ontario, Canada and the company also commenced operations in the Bahamas in November following an agreement with Bramer Money Transfers (BMT), which trades as Cash N’ Go in five locations across the Bahamas.

“These new locations follow on our strategic acquisition of the QuikCash Money Transfer assets in the Cayman Islands in the summer of 2010, which has already resulted in our dominance of the Cayman to Jamaica remittance corridor,” commented Leesa Kow, General Manager of JNMS.

She said that the expansion into the Bahamas, through Cash N’ Go money stores, has further extended the company’s reach in the English-speaking Caribbean. In fact, JN Money Services is now the largest fully Caribbean-owned money transfer operation in the region. The company also operates through Agents in Dominica and St. Vincent and the Grenadines.

“We are strategically placed to respond to the growing demand for remittance and other services from Jamaicans throughout the Caribbean, as well as other Caribbean peoples in the Diaspora in the UK, USA and Canada, who need a Caribbean-centred company, which has the capacity to deliver financial services that meet their need to maintain connections with relatives and friends in their respective homelands,” Kow pointed out.

Recent World Bank statistics indicate that, despite the worldwide decline in remittances, money transfers to the Caribbean and Latin America are growing, although slower than expected for 2011. Remittances to the region are forecast at US$61 billion above the US$57 billion flowing into the region in 2010.

Jamaica, in particular, continues to record positive growth, with Bank of Jamaica figures this year showing a 7.3 percent increase for the first eight months when compared to remittance inflows in 2010.

In another strategic move, earlier this year, the company re-launched its Ghana Money Transfer services out of the United Kingdom, concretising its Agent relationship with the Merchant Bank of Ghana and the Agricultural Development Bank.

Looking at the projected marketing landscape for 2012, the JNMS General Manager said that, there are two major events scheduled for next year, which will influence the operations of the company’s network, particularly in the United Kingdom and Jamaica. She referred specifically to the plans being put in for the celebration of the 50th Anniversary of Jamaican Independence; and the XXX Olympiad to be held in London, England in 2012

“Jamaicans in the Diaspora are already planning ‘home-coming’ events, hence there should be a major spike in number of Visiting Friends and Relatives (VFRs), as the tourism industry refer to nationals; and, we are prepared to facilitate the increase in the movement of people; as well as, to sustain the interest accrued from it,” Miss Kow said.

She pointed out that JN Money Services has also diversified its offerings to include a travel referral service, in partnership with the Birmingham-based Travel Agency, Diamond Travel, to its line of services; and has improved access and options for persons sending and receiving remittances but for persons who need to make travel arrangements to several countries on all continents across the world.

“We anticipate that these two initiatives will provide the basis on which we can position the company, and respond to the increased demand for travel during this period; the need to stay connected across continents, not only among Caribbean people; but, also to provide a reliable remittance service for Ghanaians in the UK Diaspora,” she said.

She stated that JNMS was conscious of the growing need for increased services among its active clients in the Diaspora and that there are strong indications that this growth could peak during independence anniversary celebrations. Kow notes that many Jamaicans and people throughout the Caribbean are expected to poise themselves to be in London, to witness the golden performances of athletes from the region during the Olympic Games.