KINGSTON, Jamaica — MONOLITH Financial Services plans to begin foreign-exchange trading at its Three Miles location by August 1 after receiving a cambio licence from the Bank of Jamaica (BOJ), expanding the activity that already generates most of parent company MFS Capital Partners Limited’s revenue.

The licence authorises Monolith to operate cambio services from Willie’s Plaza at 176 Spanish Town Road, Kingston 11.
It does not cover the subsidiary’s newly opened branch at 121 Windward Road, which began operating on July 22 with Western Union money-transfer services.

MFS said additional financial products and services would eventually be introduced at the Windward Road location but did not identify them or provide an implementation schedule.

The listed company also did not disclose how much it invested in the new branch, the number of people employed, or the additional revenue it expects from either development.

The cambio approval strengthens a business line that has become central to MFS’s financial performance.

During the nine months ended March 31, the group generated $92.9 million in net gains from foreign-exchange trading, accounting for approximately 87 per cent of its $107.21-million revenue. Remittance fees contributed another $5.3 million, while interest income from private credit amounted to $8.9 million.

Revenue increased 12 per cent during the period, but net profit fell 74 per cent from $70.25 million to $18.49 million. The previous year’s result included a non-recurring $50-million gain, while MFS said Hurricane Melissa affected its performance during the latest period.

Monolith was previously known as Micro-Financing Solutions Limited. It was renamed in January 2025 as the company shifted from micro loans towards foreign-exchange trading, remittances, bill payments, and private credit.

MFS acquired the business in 2024 for $500 million and has since identified growth in its branch network and fee-based income as parts of its wider diversification strategy.