Jamaican remittance provider Alliance Financial Services Limited (AFSL) has signed an agreement with Ria Money Transfer to add the global service to its network, expanding money transfer choices for consumers, the companies said on Thursday.

The partnership will integrate Ria’s services across AFSL’s six proprietary branches and 96 agent locations islandwide, as well as through its digital channels. AFSL, a member of the Sagicor Group Jamaica and regulated by the Bank of Jamaica, is also a primary agent for MoneyGram.

“This partnership with Ria underscores our commitment to providing clients with additional trusted, convenient, and reliable remittance options,” said Omar Brown, CEO of AFSL.

The move is expected to enhance competition in Jamaica’s remittance market, a critical source of foreign currency. Remittances are a major economic pillar for the nation with inflows reaching just below US$1.5 billion from January to June this year.

Ria, a business segment of Euronet Worldwide, Inc, operates a vast network of over 630,000 locations in 200 countries and territories. The company also provides access to billions of bank accounts and digital wallets through digital payments infrastructure.

“We are proud to join forces with AFSL to deliver innovative money transfer solutions to the Caribbean,” said Rosario Escarpita, SVP & managing director, Americas at Ria. “Through this collaboration, Ria is not only able to provide convenience and trust for the Jamaican community but also to create real value for customers.”

AFSL was fully acquired by Sagicor Group Jamaica in 2022. The company said it remains focused on digital innovation and expansion through technology and strategic partnerships to serve Jamaicans at home and abroad.

BROWN…this partnership with Ria underscores our commitment to providing clients with additional trusted, convenient, and reliable remittance options.