JMMB Group Limited, seeking to grow market share in the lucrative remittance market, is offering to send to the accounts of beneficiaries money transfers in pounds sterling, United States dollars and other currencies. The offer is a departure from the normal practice among Jamaican remittance companies only making payouts in local currency.

Sharon Gibson, CEO, JMMB Money Transfer, which is the group’s remittance arm, confirmed to the Jamaica Observer that “Jamaican beneficiaries can have their Jamaican dollar remittance converted to foreign currency, by JMMB Money Transfer, when using its deposit to account service.”

Remittances to Jamaica have averaged US$2 billion in the last half decade. However, in 2021, a record year, remittances grew to US$3.5 billion, fuelled by the concern of Jamaicans living abroad for relatives experiencing pandemic conditions.

Remittance companies including MoneyGram and Western Union (a partner of GraceKennedy Limited) have the lion’s share of this market, but JMMB, which has not disclosed market share, is seeking to increase its stake.

No other remittance company offers remittances in the currency which it has been sent. Remittances from the United States, the largest source country at over 60 per cent of money transfers, are usually converted to Jamaican dollars for recipients.

Jamaicans receiving remittances are also subject to the exchange rate of the agency involved, which might be somewhat lower than central bank rates.

Gibson further explained that in order to receive foreign currency as remittances, clients who receive transfers through JMMB have to provide, “The name of the account holder; foreign currency account details; identification and Taxpayer Registration Number (TRN) of the beneficiary; and any other relevant documents, as requested.

The information should be provided to JMMB Money Transfer via e-mail or by WhatsApp, or at any to JMMB branch or agent location. All foreign exchange remittance payments are made at the prevailing daily exchange rate, Gibson outlined.

She noted that deposits to US dollars accounts at JMMB Bank and select financial institutions, are done on the same or by the next business day and said, “All first time transactions will need to be verified.”

Remittance payments, through JMMB Money Transfer’s nine international partners, are made to Jamaican beneficiaries using the JMMB Money Transfer’s proprietary remittance platform.

Gibson commented, “The JMMB Money Transfer remittance platform allows the company to deliver on its promise of providing convenient, safe, and faster delivery of money, to clients, at competitive rates, from over 150 countries, via its nine international partners. Additionally, JMMBMT offers intra-island transactions within seconds of the money transfer being sent.”

Gibson told the Business Observer, “Although still one of the smaller players in the local remittance market, JMMB Money Transfer has increased its market share over the last few years, and has seen above average industry growth. That growth has been attributed to the exceptional client experience offered, an extensive network of over 100 local agent locations (to facilitate remittance payments from over 150 countries) and our affordable rates.”