JN Money Services Cayman Limited (JNMS Cayman) is now accepting funds for money transfers in Cayman Islands (CI) dollars, but has declined to disclose who is its new banker.

The return to CI dollars follows four months of upheaval in which remittance sending was suspended and then allowed by use of United States currency alone, a development which created shortages in the currency and added new costs for service users.

The use of US currency was permitted by the Cayman Islands Monetary Authority (CMA) as an interim solution after local banks decided to close shop on remittance companies, citing correspondent banking problems.

In November, Western Union reopened in Cayman with new partner GraceKennedy Remittance Services and new banker Bank of Nova Scotia.

With Western Union allowed to once again accept and send remittances in CI dollars, JNMS increased the pressure on local authorities to allow it the same privilege. Up to that point, JN had resorted to solutions including shipping US dollars to Jamaica.

On Monday, December 21, the company indicated that the return to CI dollars resulted from “constructive discussions with the Cayman Islands Monetary Authority (CIMA) and Cayman’s Financial Services Minister, Wayne Panton, in George Town last week”.

Questions asked by the Jamaica Observer about new banking arrangements were not answered.

But in a related company release Managing Director Leesa Kow expressed satisfaction with the latest development, which she noted emerged from a new proposal from JN, and will also facilitate other money-transfer operators in Cayman to accept transactions in CI dollars.

“This is very good news, given the demand for money transfer services, particularly at this time of the year,” Kow said. “I am buoyed by the development and welcome the convenience it will provide for residents in the Cayman Islands who continue to face difficulties when sending money to family and friends overseas,” she said.

JNMS operates the JN Money Transfer and Quik Cash brands and are agents for MoneyGram in Cayman.

The company says it’s the second-largest remitter to Jamaica. It remits funds from Cayman to Jamaica through JNMS Cayman, which was established in 2011.

It also manages money transfers from Cayman to the Philippines, through its partnership with the Filipino brand GCASH Money Transfer. Its partnership with MoneyGram facilitates remittances between the Cayman Islands and more than 200 countries worldwide, the company stated.

Currently, JNMS Cayman operates two money-transfer branches in the Cayman Islands and has a network of nine agents.