KINGSTON, Jamaica – Access Financial Services Limited has closed its cambio operations.

The Bank of Jamaica on Friday issued a notice in the press that the company had voluntarily surrendered its Cambio Operating Licence effective December 30, 2013.

Chief Executive Officer of the financial institution Marcus James told OBSERVER ONLINE that cambio services at the company’s headquarters at 41B Half Way Tree Road had been suspended long before December 30, because “it really was not bringing in much revenue”.

“We had suspended our cambio from earlier in the year just because of the return,” said James.

“Our cambio was accounting for less than one per cent of revenue and we just didn’t think that it was a good business decision to carry on the cambio services given the risk,” he added.

“We just felt that it was better to redeploy resources into our main business line,” the Access CEO said, adding that the decision had nothing to do with banks also recently closing cambio accounts.

“It’s just a decision to stick to our core,” said James. “We had come out of the Western Union business some time ago, so this is just completing our exit of that business.”

Access Financial Services, established in 2000, was listed on the Junior Market of the Jamaica Stock Exchange in 2009 and provides both personal and business loans through a network of 14 branches across the island.