VM Group courts diaspora investment in Jamaica, cites US$4B in overseas member deposits

Jamaicans living overseas contributed approximately US$4 billion to deposits held by VM Group last year, underscoring the diaspora's significant role in Jamaica's financial sector and the opportunities for deeper investment in the island.

Courtney Campbell, group president and chief executive officer of VM Group, disclosed the figures while addressing Jamaicans and other guests at a "Yaad & Beyond" reception at the Embassy of Jamaica in Washington, D.C., on Friday, Oct. 30.

Campbell said the financial institution has approximately 500,000 active accounts, including 109,000 held by Jamaicans living overseas. Of those overseas accounts, approximately 55% are held in the United States. He added that more than 60% of overseas members have maintained their accounts for more than 20 years, reflecting a longstanding relationship with the Jamaican diaspora.

He also noted that overseas Jamaicans account for approximately 30% of VM Group's mortgage portfolio, highlighting the institution's role in helping members living abroad purchase property and maintain financial ties with Jamaica.

The reception brought together members of diaspora organizations, students attending universities across the Washington, D.C., Maryland and Virginia (DMV) area, community leaders, business representatives and members of the VM Group leadership team.

Campbell used the occasion to encourage Jamaicans overseas to look beyond traditional savings and consider opportunities in real estate, stocks, bonds, wealth management and business development in Jamaica.

He said VM Group was positioned to help members navigate the investment landscape, drawing on its longstanding experience serving Jamaicans at home and abroad.

"Jamaica is a great place to invest," Campbell said, pointing to the strength of the country's financial sector, the regulation and supervision of its banking system, and the opportunities available in real estate and business.

He noted that property values in Jamaica had generally demonstrated resilience, although performance varied by location and sector. Campbell also highlighted opportunities in the Jamaican stock market, where investors could find companies with growth potential, and encouraged members of the diaspora to pay attention to developments in the market.

He identified export-oriented businesses as another area of opportunity, particularly enterprises able to take advantage of Jamaica's access to major markets in North America, Europe and the wider Caribbean.

Campbell said businesses with the right products, skilled personnel and appropriate market connections could benefit from Jamaica's position as a gateway to regional and international markets.

DEEPENING DIASPORA ENGAGEMENT

Chargé d'affaires at the Embassy of Jamaica in Washington, D.C., Lishann Salmon, described the VM Group engagement as an opportunity to strengthen ties between Jamaica and its diaspora while identifying practical ways for overseas Jamaicans to contribute to the country's development.

"We hope today's interaction will help you identify practical ways to pursue your financial goals by contributing to Jamaica's growth," Salmon said.

She pointed to the importance of diaspora involvement as Jamaica continues its recovery from Hurricane Melissa, noting the needs of families rebuilding their homes, businesses restoring operations and communities working to recover their livelihoods.

Salmon said reconstruction must go beyond restoring what was damaged and should focus on building safer homes, stronger infrastructure and businesses better equipped to withstand future shocks.

That effort, she indicated, would require capital, skills, trust and strong partnerships.

She identified housing, engineering, technology, professional services and small-business financing among the areas where opportunities could emerge as Jamaica advances its recovery and rebuilding program.

The chargé d'affaires stressed the importance of keeping the needs of affected families and communities at the center of the recovery effort while encouraging partnerships that could translate diaspora goodwill into practical support and long-term investment.

A LONGSTANDING DIASPORA PARTNER

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He explained that VM's mutual structure, in which members own the institution, had influenced its decision to establish overseas offices to serve Jamaicans who migrated in search of opportunities.

Campbell said VM Group was seeking to deepen its engagement with overseas members, particularly by encouraging greater use of its digital and online banking services.

He noted, however, that the institution's services extended well beyond banking. Its property services team can assist members seeking to buy, sell or rent property, while its wealth management operations offer access to investment opportunities. Its pension and remittance services also provide additional options for Jamaicans at home and abroad.

The group's remittance operations include services such as MoneyGram and other international money-transfer channels, helping Jamaicans support family members and maintain financial connections across borders.

Campbell encouraged diaspora members considering investments or business ventures in Jamaica to seek professional advice and explore the range of services available through the institution.

He said VM Group stood ready to assist Jamaicans overseas as they seek to support their families, acquire property, establish businesses and participate in Jamaica's economic development.

The Washington reception formed part of the group's wider engagement with the Jamaican diaspora, providing an opportunity to connect with community organizations, students and business leaders while highlighting practical avenues for investment and financial participation in Jamaica.