The remittance arm of the Jamaica National Building Society, JN Money Services Limited (JNMS), has launched an operation in The Bahamas, having signed an exclusive agent agreement with Bramer Money Transfer (BMT) trading as Cash N' Go.
Details of the agreement was not disclosed, but Horace Hines, operations manager at JNMS said they expect to capture business from the 7,000 Jamaicans living and working in the Caribbean islands.
The agreement took effect on November 21.
"It will provide JN Money Transfer's full services throughout Cash N' Go money stores in The Bahamas," said Leesa Kow, general manager of JNMS in a release.
Cash N' Go operates in five locations at Bay Street, Rosetta Street and Carmichael Road in Nassau, Bahamas. Shops are also located in Freeport on Queens Highway and Georgetown in Exuma, with a new location set to be opened in Marsh Harbour, Abaco.
Executives of JNMS said the move to forge the alliance was part of the company's development drive to further strengthen its position in the Caribbean remittance market.
While Hines declined to disclose the extent of JNMS market share in that country, he noted that the company was the second largest player behind GraceKennedy's Western Union.
"Our partnership with one of Bahamas' oldest and most respected insurance and financial-services provider is an excellent example of how Caribbean companies can develop synergies to deliver robust financial services, which meet the growing sophisticated needs of our people," said Kow.
BMT is the remittance and bill-payment service arm of the BAF Global Group Limited.
Established in 1920, BAF Global Group is an investment-holding company offering a full line of insurance and financial products including life and health insurance, mortgages, annuities, mutual funds and pensions from its offices in Nassau, Exuma, Abaco and Freeport as well as George Town, Grand Cayman.
"There is a growing number of Jamaicans residing in The Bahamas, as well as local entrepreneurs who do business in Jamaica and across the Caribbean, who are demanding real-time money-transmission services; therefore, we were encouraged to offer our full-services in the Bahamas," said the general manager.
Expanding and rebranding
The partnership, she said, would allow Cash N' Go customers in The Bahamas, with business or family connections in Jamaica, to access JN Money Transfer services in Bahamas' major commercial zones to send and receive money, make bill payments and transfer funds to accounts held in financial institutions in Jamaica, as well access mobile phone top-up services.
JN Money Services Limited, based in Kingston, markets its services under the JN Money Transfer brand in several other Caribbean countries, including the Cayman Islands, St Vincent and the Grenadines, and Dominica.
The company also has a growing operation in the United Kingdom, the United States of America, Canada, and recently rebranded its agency operation in Accra, Ghana.
Apart from network expansion, JNMS has also expanded its services to its UK clients in response to changes in the marketplace.
JNMS, through its UK subsidiary, JN Overseas UK Limited, has entered into a partnership with the Birmingham-based Diamond Travel to add a travel-service component to its suite of products and services in that market.
Through its 10-branch network in England, customers are able to access air-travel booking while transacting other business.
Basing its reason on local statistics which showed that there were 184,355 stopover visitors to Jamaica from the United Kingdom last year, JNMS said it was a natural link for the business.
JNMS is one of Jamaica National's fully-owned subsi-diaries. And consistent with JN full-service initiatives, its Financial Services subsidiary opened a branch in the Catherine Hall complex, Montego Bay on Monday.
In an effort to offer clients more flexibility in accessing mortgages, JNBS has also made several changes to its offerings in a more personalised manner.
"Jamaica National, in examining its own portfolio, the state of the economy and people's lifestyles, determined that it was more important to create a range of products, and encourage clients to discuss their options, rather than simply focus on rates," said Leon Mitchell, assistant general manager, marketing, sales and promotion in a release.
"We have sought to introduce more flexibility in our options for first-time buyers, and the lower rates will be offered to applicants who have demonstrated a pattern of savings or the ability to save," he said.