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April 23, 2014
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JN Money Transfer Card increase local remittance

Leesa Kow, general manager, JN Money Services Limited, operators of JN Money Transfer. Miss Kow said the JN Money Transfer card, accounts for 40 per cent of the company's remittance distribution. - Contributed

JN Money Services Limited's (JNMS) local remittance collection via JN Money Transfer Card, issued by its parent organisation, Jamaica National Building Society (JNBS), now accounts for up to 40 per cent of its distribution, an increase of 10 per cent over last year.

The steady increase in the use of JN Money Transfer Card, issued by JNMS' parent organisation Jamaica National Building Society (JNBS), has made the technology the single largest conduit for the company's remittance distribution locally, surpassing its retail agents and JN MoneyShop outlets.

Leesa Kow, general manager, JNMS said the increased use of the card is a positive indication. She explained that though the card use has grown steadily, the surge in usage was triggered by the company's recent 'Roll Like a Millionaire' promotion, which rewarded 'consistent card users with weekly and monthly cash rewards.

The promotion followed JNBS' decision to discontinue the collection of money transfers in its branches.

"The technology behind the Money-Transfer Card, is not new; however, the increase in use means that more people are becoming receptive to electronic-banking services," Miss Kow said, underscoring that the initiative has been a positive way of introducing unbanked remittance recipients to the formal banking processes.

"People are becoming more comfortable and are recognising the efficiencies of accessing funds in this manner, and this can only help them to become more at ease with the banking system, as well as to prepare them for newer technologies, geared to make financial transactions more efficient," she said.

Jamaica has an estimated unbanked population of 40 per cent, and it is estimated that its gross national savings rate is 15.9 per cent, according to EconomyWatch.com.

Remittances continue to increase, with the latest Bank of Jamaica data showing that in 2013 Jamaica received US$2.065 billion in overseas remittances, which was US$22.5 million more than in 2012 or 1.1 per cent more, hence the need to provide recipients with the option and the channels to access and maintain their funds securely.

The JN Money Transfer card, which is free to its customers, works on the principle of a debit card: however, the card holder does not need to open a bank account.

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