JMMB rebrands remittance business, eyes Caribbean expansion
Reggae Money Express, JMMB Group's remittance arm, has been renamed JMMB Money Transfer.
The company acquired Reggae Money when it bought Capital & Credit Financial Group three years ago and is now weighing its expansion to overseas markets where parent company JMMB Group currently operates businesses. JMMB suggested that the remittance business is now profitable having made a loss of $5.59 million at year end March 2013. The size profit was not disclosed.
Alongside its rebranding, JMMB Money Transfer Limited upgraded its remittance platform - RemitONE - in what the company said was a multimillion-dollar investment.
Locally, JMMB Money Transfer says it is planning to reintroduce outbound transfers to selected Jamaican communities overseas, and is exploring the possibility of entering Trinidad & Tobago and the Dominican Republic markets.
"This expansion in new markets for the remittance arm will be done in partnership with its current remittance partners," the company said in a statement.
The remittance business, headed by General Manager Sharon Gibson, signed an agreement with bill-payment chain Paymaster in March, which, effectively adds 20 money-transfer windows to JMMB Money's network and has contracted another 100 sub-agents nationwide.
"By year end, we will provide intra-island transfers in record time - transfers will be received in just seconds, not minutes - so that clients can access their money when they need it," said Gibson in the company-issued statement.
JMMB Money says its network facilitates inbound remittances from 80 countries through partners such as XOOM, World Remit, RIA, Omni Money Transfer, Union Caribe, Trans Fast, Small World and Sigue.
The company also facilitates online transfers through Xoom and World Remit.