JN Money Services has expanded its remittance services into 10 new countries, including jurisdictions catering to Cayman’s growing populations of residents from the Philippines, India, Honduras and Nepal.
Horace Hines, general manager of the Jamaica-based remittance company, says its expansion into the new markets is driven by customer needs and the large number of migrants from those countries who are sending money home.
The expansion has been made possible by a partnership with Mastercard Transaction Services, which allows customers to initiate transfers from JN Money locations in Cayman, as well as in the UK, the US and Canada to recipients, who can then access the funds through physical partner outlets.
With the new JN services opening up in Gambia, Nepal, Nicaragua, Ghana, Honduras, India, Kenya, Philippines, Senegal and Uganda, JN Money now serves 18 countries.
Hines, in an interview with the Compass, described the expansion as a large undertaking that the company had been working on for “some time”.
“It’s really an extension of an existing partnership that we have with a subsidiary of MasterCard International,” he said.
He noted the growing populations of residents from the Philippines, Honduras, India and Nepal in the Cayman Islands, who would be able to avail of the expanded services.
‘Melting pot’
According to recent immigration statistics, there are 138 nationalities working in the Cayman Islands. The largest expat population is Jamaicans, who hold 14,425 work permits. The next largest is Filipinos with 6,948 work permits, Indians with 2,177, British nationals with 2,090, and Nepalese with 1,687.
Cayman Islands Monetary Authority survey results indicate that workers in Cayman last year sent home more than US$318 million – equivalent to nearly 5% of the GDP.
Hines said, based on his visits here, he considers the Cayman Islands to be “the closest to an almost perfect melting pot that I’ve seen in the world”.
“I’ve been in many places, but I’ve just not seen that many nationalities in one small space and generally co-existing,” he added.
Using data provided by the Cayman Islands Monetary Authority, Hines said JN Money determined that the top four countries to which money was being remitted from Cayman are Jamaica, “naturally, because of the proximity and the larger working population in Cayman”, then Honduras, the Philippines and the Dominican Republic.
While the Dominican Republic is not among the locations currently served by JN Money, Hines said the company is considering adding it to its expanding list of jurisdictions next year.
Explaining why JN chose the countries it added to its list, Hines said, “We looked at the top 10 that we wanted to really have a good presence serving. We had the US and Philippines already. Nicaragua also came up as one market that’s growing.
“Then when we looked at the Nepalese; it’s a smaller community, but maybe a few years ago, if I found two Nepalese in Cayman, it would be a lot. Now, today, you are seeing a growing population of Nepalese. And so we wanted to be on that curve as that demographic continues to grow, to be able to offer services.”
He added that the company does not see itself as a “single-corridor Jamaica service provider”.
“Our mantra and our objective is really to serve all persons in Cayman who wants to move monies cross border. That’s essentially what we are focused on doing,” he said.
Competition in money transfer market
Hines acknowledged that his company’s “most formidable” competition is the US-based Western Union, which has been operating in Cayman for decades and supports money transfers to 200 jurisdictions worldwide.
He said speed and quality of service, as well as the exchange rates and costs, are what matter most to customers, and JN seeks to “always be competitive on those”.
There are three JN Money Service branches in Cayman, and the company partners with local companies like Tortuga Rum Company and the 24-hour Brown’s Esso On The Run at the airport industrial park and Red Bay, where it locates counters.
Plans are also in the pipeline to expand its services further east in the coming months, to reflect the growing population in the eastern districts of Grand Cayman.
Offering more online services is also on the cards.
“We are seeking to add a digital component that will allow persons to [transfer money] on the go from their mobile phone or online platform,” Hines explained.
He said offering convenient locations means JN is available at places where residents work or shop.
“That’s what we seek to do, to be right in a space where we can offer convenience, high-quality service, and also good fees and exchange rates,” he said.
He added that his company is also involved in community activities, like Filipino basketball leagues and the Lions Club of Tropical Gardens’ 5k to raise funds for breast cancer support.
“We do a lot of work in the various communities, and just generally for Caymanians,” he said. “That’s our secret sauce.”
Related Videos
