GK Financial Services is set to launch a new feature on its GK One mobile app, enabling users to send remittances out of the country.

The update, expected in a few weeks, will expand the app’s existing capabilities which currently allow users to collect remittances, pay bills, purchase third-party insurance, and apply for a credit card from FGB.

The new feature is designed to cater to individuals with family members or friends abroad, including students and young relatives.

“We send [remittances abroad] as well. People think we only receive [remittances] but a lot of us send — especially if you have students or if you have young family members who you’re helping out,” GK Financial Services CEO Grace Burnett said in an interview with the Jamaica Observer.

Once launched, users will be able to transfer funds via the GK One app, and recipients in the US or Canada will be able to receive the money directly into their wallet by accessing the GK One app on the Western Union website or at a physical location.

“If they don’t get it from any banking institution, they can get it in cash, so they can go to any Western Union location and collect it. So, we offer something that the banks don’t offer because when you go to a bank and you send a wire transfer, it’s going to go to another account. It’s expensive, and for some of them it takes a long time. We solve all of those. So, less expensive, faster, and you can collect on a wallet, you can collect in a bank account, you can collect in cash,” she explained.

Although the exact launch date has not been confirmed the spokesperson hinted that the feature will be introduced this summer.

“We can talk about it because we know it’s coming this month, in terms of we’re in pilot, so it’s just to kind of finish it up, but we’re very excited about it,” Burnett said with a smile.

Currently, users face challenges when transferring funds overseas, having to visit a physical location to send remittances. GK Financial has acknowledged that some of its customers find this process inconvenient, particularly the elderly. To address this the company introduced the TelliSend option, allowing customers to call the call centre to initiate fund transfers. However, this service is not available 24/7, and users must wait for assistance from a representative. The upcoming feature on the
GK One app promises to overcome these limitations, offering a faster, more convenient, and cost-effective solution for international fund transfers.

“People feel uncomfortable calling somebody and telling them to send money or use their credit card so it solves all of that because you do that transaction yourself. You put in your card information, and you choose who you’re sending it to. You control everything. You control your information,” Burnett explained to the Business Observer.

GK Financial has invested millions of US dollars annually in its digital factory, a significant expenditure aimed at rolling out innovative features and products. While the company’s representative declined to disclose the exact cost of the upcoming outbound remittance feature, she revealed that GK Financial spends around $2 million each year on the digital factory.

Currently, the company’s remittance business is largely dominated by inbound transactions, with about 90 per cent of its remittance services catering to inbound transfers. Outbound transactions, on the other hand, account for approximately 10 per cent of the business. However, the company believes that this figure does not accurately reflect the true demand for outbound remittance services, as many individuals opt to use banks for these transactions. The ratio of inbound to outflow remittance shows similar patterns, according to Bank of Jamaica’s (BOJ) reports. For the period between April 2023 and December 2024 inflows reached US$2.569 billion, with outflows standing at US$177.1 million. Despite its dominance in the remittance market, GK Financial’s vision extends beyond its current share.

“While we dominate as a remittance company, my vision is the bigger pie that I see going out and how we can participate in that,” said Burnett, emphasising the potential for growth in the outbound remittance sector.

She added that GK Financial is expanding its services to cater to a younger demographic that craves flexibility and convenience, wants to send money at any time without having to visit a physical location or call customer service, and instead can send it directly, hassle-free.

“For us, it’s recognition, and I would say everything that we’ve done is just really trying to recognise where the customers are in their journey,” she said.