JAMAICA recorded a strong increase in remittance inflows in November, while central bank data showed fewer operators and locations in the remittance industry, pointing to consolidation in the sector.

Net remittance inflows rose to US$281.2 million in November 2025, up 14.2 per cent from a year earlier, according to the Bank of Jamaica’s latest Remittance Bulletin. The increase was driven mainly by higher inflows through remittance companies, partly offset by an increase in remittance outflows .

For the fiscal year to date, net remittance inflows totalled US$2.17 billion, an increase of 2.8 per cent compared with the corresponding period last year. Total inflows rose 2.9 per cent, while outflows increased 5.3 per cent, the central bank said.

The bulletin also showed changes in the structure of the remittance industry. The number of active remittance locations declined to 492 in 2024 from 514 in 2023, while licences relinquished or revoked rose to 83, up from 46 a year earlier. New licences issued fell to 67 from 132. The data for 2025 is yet to be published.

From January to November 2025, remittance inflows amounted to US$3.15 billion, up 3 per cent year on year. That compared with higher growth in some Central American countries over the same period, while Mexico recorded a decline, according to the bulletin.

The United States remained the largest source of remittance inflows in November, accounting for 66.9 per cent of the total, followed by the United Kingdom, Canada, and the Cayman Islands. The US share was slightly lower than a year earlier, the data showed.

Remittances remain a significant source of foreign exchange for Jamaica, equivalent to about 15 per cent of gross domestic product, nearly 80 per cent of tourism earnings, and more than 180 per cent of exports, according to the central bank’s macroeconomic indicators.