Remittances pick up as recession rebound continues

In line with World Bank predictions, remittances to Latin America and the Caribbean have strengthened as economies continue to recover from the global economic milieu which peaked during the two-year period, 2008 to 2009.

In Jamaica, remittances crept to their highest calendar-year level in a decade last year, according to the Bank of Jamaica in its December 2011 remittance report, with more than US$2 billion in inflows to Jamaica.

And, inflows have continued to increase with remittances to the island in January improving by four per cent, compared to the corresponding period in 2011. The greater portion of inflows in 2011 was due to improvements in inflows through remittance companies.

"JN Money Transfer has been consistent in its performance over the past three years, strategically expanding in several markets where we have an established presence," explains Leesa Kow, general manager, JN Money Services Limited, owners of the JN Money Transfer brand.

Expanding

Kow noted that the company used the opportunity created by the financial environment to expand in major locations, such as New York in the United States of America (USA), where it added two new branches last year and Ontario in Canada.

It also added several full-service locations to The Bahamas in partnership with the popular Cash N' Go brand.

Beyond the positive expansions and acquisition, the company has maintained a steady and effective marketing strategy that keeps the JN Money Transfer brand in the minds of remittance customers.

The company enhanced its branding to complement its expansion drive, reworking it's 'Because I Love Jamaica' theme to 'It's a Love Thing' to appeal to a wider audience.

"This campaign has been supported by a number of short-term strategies to add more value to the remittance experience of customers," Gabriel Heron, head of marketing and business development at JNMS said, highlighting a referral programme recently launched by the company for the Easter period.

From March 19 to April 30, customers who refer new people to JN Money Transfer, will receive a cash reward, Heron says.

Harry Bhoorasingh, regional manager, JN Money Services (USA) Inc, says participating customers in the United States will receive $50 for every 10 new persons they refer to JN Money Transfer.

Simple programme

"The programme is very simple and customers will find the rewards very beneficial," he explained. "They only need to complete a referral slip which is available from tellers only at JN Money Transfer branches here in New York, Connecticut and Florida."

Participating customers in the USA should have the slips completed by persons who have never sent money using JN Money Transfer in the past year or more. The person referred by the customer should then submit the completed referral slip to the teller when sending remittances, making bill payments or transferring money to an account at only JN Money Transfer branches.

A similar referral programme is ongoing at JN Money Transfer branches in the UK and Canada, where customers receive £50 and CDN$50, respectively, for every 10 customers they refer to JN Money Transfer.

"As a money-transfer company, we are seeking out the opportunities that will broaden our customer base and generate business. Therefore, we are continuously developing our strategies to strengthen our position and meet the evolving demands of the market," Kow said.