Money transfer firm battles on to resolve banking problem

| 08/12/2015 | 10 Comments

Cayman News Service(CNS): With almost 8,500 Jamaicans in the Cayman Islands on work permits, the cash transfer firm, JN Money Services (Cayman), is hosting a Town Hall meeting tomorrow evening for Jamaicans to update them on their efforts to resume their local currency remittance services. While Western Union has resumed operations here with a new partner and new bank, JNMS is still in talks with CIMA about its problem of finding support from local banks to resume its own services in Cayman dollars.

Before the crisis hit the industry the money transfer company and its subsidiaries were dealing with the largest share of the multimillion dollar industry in Cayman but when their previous banking partner, Cayman National, withdrew its services due to concerns over the increased cost of compliances and the risks associated with the cash transfer business in the current global climate, JNMS Cayman was left with nowhere to bank the hundreds of thousands of dollars in local cash it receives from customers. As a result, the firm is still operating but only for US dollar remittances.

Money transfer business creeps back to Cayman

Managing Director Leesa Kow said Tuesday’s meeting would provide an opportunity for JNMS Cayman to engage customers in discussions on various matters, including the withdrawal of banking services for remittance businesses in Cayman.

“We take this as an opportunity to have dialogue with the community and to discuss the way forward,” explained Kow. “Many of the Jamaicans in Cayman are customers of JN Money Transfer and are also members of JNBS, as well as our sister company in the JN Group, JN Cayman.  As a result, there is a need to update them on ongoing talks with the CIMA to facilitate reimplementation of transactions in Caymanian dollars.”

Earl Jarrett, General Manager of Jamaica National Building Society (JNBS) and Chairman of JNMS Cayman, will deliver the main address and the local honorary consul of Jamaica to the Cayman Islands. Dr Joseph Marzouca, will also be there, officials from the firm said.

The meeting will be held at the Family Life Centre in George Town at 6:00pm.

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Comments (10)

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  1. Anonymous says:

    Yes, deeply risky cross-border money transfers is what Cayman wants right now.

  2. Caymanite says:

    If only there were only 8,500 here. Last statistic I heard there was at least 10,000 on W/P. Plus the 3000 McKeeva gave status to and their dependents (another 10,000 because one couple alone brought in 16 kids between them) then at least 10,000 that got status the legal way. All sending money to where they really consider home.

  3. Anonymous says:

    No outrage now because this company only effects Jamaicans lol. Funny

  4. C O'nartist says:

    I am going to Jamaica next weekend, gimme all your dollars I take them and distribute for you, reasonable fee

  5. Anonymous says:

    Even if, hypothetically, all 8500 sent $180mln/yr, that’s an improbably high amount of surplus savings.

  6. Anonymous says:

    Will there be free patties?

  7. Anonymous says:

    Crookedness stop after competition start lol, take day!!

  8. Anonymous says:

    Who cares? After all, this is a Jamaican company. Problem is, this is a Jamaican company that is staffed by a predominantly Caymanian workforce.

    So no big deal. I don’t have an XXXX to give either. Why should I care if the Cayman elite doesn’t give a hoot about the welfare of it’s own people?.

  9. Anonymous says:

    I genuinely do not have a XXXX to give.

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