Jamaica National Money Services (JNMS) which has offices in South Florida has expanded its JN Money remittance network to Honduras and India. This initiative results from a partnership with the United States-based company, Transfast.
Transfast Co.
Transfast, an international money transfer company, with offices in New York, the United Arab Emirates and The Philippines, has been in operation for more than 25 years. The company has a strong network of trusted financial partners, with millions of customers in more than 120 countries.
“As a Jamaican company, operating in overseas markets, JNMS is mindful of its diverse customer base locally and overseas,” explained Horace Hines, acting general manager, JN Money Services, owners and operators of JN Money. “As a brand, we are no longer operating in locations where only Jamaicans live. Consequently, our customer base now includes persons from many countries. This partnership will allow us to enter into new markets.”
JNMS widens market
Through this agreement, JN Money customers can now remit funds to relatives in the Philippines, India, Honduras, and Ghana; as well as, from its traditional markets, via any of its locations in the United States, Canada, the United Kingdom and The Cayman Islands.
This move is strategic to JN Money’s objective to become a global player in the remittance market.
“When we examine our main markets, they are home to persons from Honduras, India, the Philippines and Ghana,” stated Mr Hines. “There are, for example, some 4 million Indians living in the USA; and a large Filipino community in the United Kingdom and Canada. Therefore, through this partnership with Transfast, we will be better able to serve our Filipino and Ghanaian customers; and, to introduce our brand to countries, such as India and Honduras,” he added.
Indians are largest remitters
Indians are the largest remitters of funds to their homeland. They sent home some $72 billion in 2015. Filipinos remitted US$30 billion, according to recent World Bank figures.
Patricia Bennis, Transfast Director Business Development in North America, welcomed the partnership with JN Money Services.
“JNMS is a leading remittance company in Jamaica; and we welcome the opportunity to work with them, to expand their global reach to markets, such as India and Ghana; and meet the ever-changing needs of their customer base,” said Ms. Bennis. “Together, Transfast and JNMS are empowering families to send their funds around the world quickly and securely.”
JNMS based in Kingston, Jamaica, markets its services under the JN Money brand, in several other Caribbean countries, including Antigua, and Dominica. The company also maintains an extensive and growing operation in the United Kingdom, the USA, Canada, and Ghana.
