JN Money takes more territory in the United States
JN Money has opened its 46th client location in Florida, United States, with plans to open more locations. The JN Money brand is owned by JN Money Services Limited (JNMS), which is a fully owned subsidiary of the JN Financial Group which manages its money transfers and bill payments.
The company indicates it will be opening branches in Atlanta, Georgia, and in the Bronx, New York, within the next three months. In the United States it provides services through 10 branches and 45 agent locations in New York, New Jersey, Connecticut, Massachusetts, and Georgia.
Horace Hines, general manager, JN Money Services — owners, and operators of the JN Money brand, said that in the US market, “The main focus of our growth will be our digital services via www. jnmoneyonline.com, and our soon-to-be mobile app that will be available across all states in the US. Currently, our online service is available in Florida, Georgia, Maryland, DC, Pennsylvania, New York, New Jersey, Connecticut, and Massachusetts.”
The new branch in Sunrise, Florida, will be staffed by approximately four employees.
The Sunrise, Florida branch will facilitate money transfers for cash pick up or transfers to any bank account. Persons can also make bill payments in Jamaica and conduct mobile top up. It will also offer remittance services to Guyana, Antigua, Cayman and Dominica for cash pick up only.
Hinds said that company’s market share has remained consistent, however, revenue growth has been in line with the BOJ inflow growth rate.
He noted that during the height of the novel coronavirus pandemic in 2020, JN Money experienced marginal revenue growth through its US operations. “We have experienced a 30 per cent increase in growth so far for 2021,” he asserted. “We have continued to see growth in inflows from the USA, particularly New York and Florida.”
In June the company also launched a “direct-to-account remittances services to Guyana,” which allow persons sending funds to that Caricom country, on the South American coast, to be transferred directly to the recipients’ accounts.
The service, which was launched on June 7, gives persons sending funds from the United States of America, the United Kingdom, Canada, and the Cayman Islands, the option to send funds to six banks in Guyana. These banks include, the Republic Bank (GUY) Limited; Guyana Bank for Trade and Industry; Bank of Nova Scotia; Citizens Bank Limited; New Building Society and the Demerara Bank Limited.