JN Money Services Limited (JNMS), the Jamaica National Building Society’s bill payment and remittance subsidiary, has consolidated its position as the dominant remittance service provider along the Cayman to Jamaica, Caribbean corridor.

This follows the company’s acquisition of the QuikCash Money Transfer operation in the Cayman Islands last summer. Since the acquisition transactions from Cayman increased by 32 per cent, while the value of money transmissions grew by 20 per cent.

“Our drive was to increase remittance services to the Jamaican population in the Cayman Islands, and the response to the service to date is a clear indication that there was need for us to consolidate our investment in that country,” said Leesa Kow, General Manager of JNMS. “And by doing so, we have become one of the dominant regional remittance companies.”

The remittance company’s performance in Cayman is accompanied by its recent re-launch of the Ghana Money Transfer remittance brand in the United Kingdom, last month, which solidified its 2009 entry into the African remittance market; as well as the opening of its new JN Money Transfer UK branch in Moss Side, Manchester on October 1.

“Our ‘I Love Jamaica’ campaign has increased recognition and loyalty to the JN Money Transfer brand over the past three years, creating a platform on which we have been able to expand our services to new markets and offer additional services to our customers,” Kow stated.

She also noted that the addition of a travel referral service, which was brought on stream this summer at its UK locations have added new clients to the company.

“Transactions have grown significantly over the past year in most of our markets, resulting in a seven per cent growth,” she explained, underscoring that this was a higher growth rate than the figures for the national remittance market.

The value of remittances throughout the JN Money Transfer network of branches and agents across Jamaica, the Caribbean, North America, the United Kingdom and Ghana has improved, recording a six per cent growth over the previous fiscal year, despite the continued global economic environment.

“It has been a challenging year for many companies involved in money transmission; however, we have been able to achieve growth by consolidating operations on the one hand, and expanding on the other,” Ms. Kow stated. “And, we continue to explore opportunities to improve our services and expand our reach.”