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London-based digital money transfer provider eyes success in Jamaica's remittance market

Published:Monday | May 15, 2017 | 1:25 PM

A leading global digital money transfer provider is seeking to tap into Jamaica's lucrative remittance market.

The London-based World Remit and Jamaica Money Market Brokers (JMMB) Money Transfer today announced a partnership that will facilitate same-day online bank transfers to Jamaica.

In a press release, World Remit said the partnership will allow customers to use its mobile app or website to send money transfers to any bank account in Jamaica through JMMB Money Transfer from anywhere in the world.

Founder and CEO of World Remit, Ismail Ahmed said in the release that the partnership will provide Jamaicans living overseas with more options to send remittances safer, faster and cheaper.

Ahmed said remittances plays a vital role to Jamaica's economy and pointed to World Bank figures which show that the island received US$2.4 billion in remittances in 2015.

Also commenting in the release, JMMB Money Transfer CEO Sharon Gibson said the partnership represented another opportunity for the company to utilise innovative technology to improve convenience and deliver an excellent client experience.