JNMS to resume Cayman dollar remittances
JN Money Services (JNMS) says it expects to resume Cayman dollar remittance transactions in the Cayman Islands market by Christmas.
The company was forced to convert its remittance business to US dollar transactions only in summer when banks began shedding their remittance partners.
JNMS Cayman Limited and Western Union were among the entities hit.
GraceKennedy Money Services took over the WU operations in Cayman Islands and resumed CI dollar transactions two weeks ago following a four-month closure of its remittance business.
JNMS Cayman's bank served it with notice of plans to drop its accounts from as far as June but the bank was unable to secure another banker.
JNMS appealed twice to Cayman Islands Monetary Authority for assistance and met with them last week. As a result, JNMS says it expects to resume CI dollar transactions shortly.
JNMS Cayman is the second largest remitter to Jamaica and has been in that market since 2002. The company operates the JN Money Transfer and QuikCash brands and are agents of MoneyGram in Cayman.