JMMB Money Transfer has launched outbound service through a new partnership with MoneyGram.

This agreement signed between JMMB Money Transfer Limited (JMMBMT), a subsidiary of JMMB Group, and MoneyGram, enables clients to send money from Jamaica to over 200 countries and territories worldwide within minutes. Money transfers can be initiated from selected JMMB Bank locations in Jamaica to friends and relatives overseas for cash pickup at any MoneyGram location.

Sharon Gibson, CEO of JMMB Money Transfer, outlined that this latest move is aligned with the company’s strategic objective. “Partnering with MoneyGram, a major player in the global money transfer landscape, allows us to enhance our client services by providing more options and greater convenience. This outbound service complements our existing inbound and intra-island offerings, contributing to our market presence and profitability, while we offer diverse solutions to cater to the needs of our clients.”

Keith Duncan, CEO of JMMB Group, during the group’s recent AGM underscored the subsidiary’s robust growth over the past five years, as evidenced by the doubling of its market share and profitability. Against this solid track record, the subsidiary is eyeing J$1 billion in revenue over the medium term.

According to the most recent Bank of Jamaica remittance publication, in August 2023, total outflows stood at US$19.2 million, against total inflows of U$302.6 million. For the corresponding period, August 2022, outflows and inflows were reported as U$$17.5 million and 320.8 million, respectively. Although there was a 6.0 per cent falloff in remittance inflows over the period, outflows saw a 10 per cent growth year-over-year. With JMMB Money Transfer becoming the latest remittance company to offer an outbound service, the JMMBMT CEO expects to see a further increase in total outflows.

“We’re thrilled to partner with JMMB Money Transfer to connect to our leading money transfer network to provide their customers, with the opportunity to send money to family and friends just about anywhere in the world,” said Karlo Torres, head of U.S. Outbound/Latin America & Caribbean at MoneyGram.

“In recent years, MoneyGram has invested in its digital business, leading to explosive growth in digital partnerships across the world, so we continue to get excited about onboarding new partners seeking to access our global fintech solutions. We’re just getting started, and we’re so excited for what’s to come.”

Looking ahead, Gibson revealed JMMB Money Transfer’s plans to strengthen ties with MoneyGram and explore opportunities for expanding the partnership beyond Jamaica. Additionally, the company is set to introduce a prepaid card, following a soft launch in September, providing clients with added value and facilitating 24/7 receipt of remittances from overseas. This prepaid card will also enable digital payment services, including point-of-sale transactions and online shopping, without the need for a bank account.

Gibson also emphasised the company’s openness to tapping into new markets beyond the 160 countries it currently serves, while still eyeing Trinidad & Tobago and the Dominican Republic, two countries in which the JMMB Group already has a presence. Additionally, JMMBMT aims to deepen its market share in major source markets, such as Canada, UK, USA, Cayman Islands, Turks and Caicos, and Bahamas. “As we see increased opportunities in those markets, with changes in the demographics and migration patterns of Jamaicans,” explained the JMMBMT exec.

Despite being a smaller player in the local remittance market, JMMBMT has established relationships with 13 international partners.

The company’s continued expansion aligns with JMMB Group’s financial inclusion strategy, aiming to increase access to financial services for underserved segments of the population. It also forms a crucial part of the group’s smart growth strategy, efficiently utilising capital and diversifying revenue streams to meet the needs of clients, particularly underserved segments like SMEs and the underbanked.