JN Money surrenders remittance licences for two rural locations
Published:Wednesday | September 21, 2022 | 12:08 AM
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JN Money Services has surrendered remittance operating licences for two of its subagent locations, at Blake Street in Portland and Claremont in St Ann. Notice of JN Money Services voluntary surrender of the two remittance licences was published...
JN Money Services has surrendered remittance operating licences for two of its subagent locations, at Blake Street in Portland and Claremont in St Ann.
Notice of JN Money Services voluntary surrender of the two remittance licences was published recently by the Bank of Jamaica. JN Money’s decision to end money transfer services at the locations took effect on July 21.
“We have decided to discontinue our relationship with them,” General Manager of JN Money Services Horace Hines said via email, without detailing the reason for the discontinuation.
The discontinuation of money transfer services at the two locations reduces JN Money Services network to 87 locations across Jamaica.
The company is now redirecting business from the former subagents to the Courts Jamaica office on West Street, and Tari Solutions on Harbour Street in Port Antonio, Portland.
“Our customers in Claremont, St Ann, may visit our alternative locations in St Ann’s Bay, JN Bank or Courts; or Brown’s Town Courts or the Ocho Rios Card Centre,” Hines said.
He adds that the discontinuation of money transfer services is not expected to impact the company’s remittance revenue.
“These agents were not owned or operated by JN Money and, therefore, the discontinuance of these relationships will not affect our revenues in these areas. Our staff will also not be affected,” Hines added.
Both locations will continue under their current ownership, independent of JN Money.
The company said its not contemplating voluntary surrender of remittance licences for any other location at this time.
In addition to JN’s voluntary surrendering of its remittance operating licence, the central bank also advised in its notice that a subagent, P&A Wireless Services Limited, located in Clock Tower Plaza, Kingston, had also voluntarily surrendered its remittance licence.
The subagent offered remittance services for primary agents, Lasco Financial Services, JMMB Money Transfer, JN Money Services and VMBS Money Transfer Services.