JN Money, a member company of the Jamaica National Group, has launched its “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.
“We continue to research and interact with our customers about how we can provide convenient ways to send and receive funds,” explained Mr. Horace Hines, General Manager, JN Money Services, owners, and operators of the JN Money brand.
“Based on the feedback from our customers, we realized that many wanted a fast, safe and convenient method to send funds to Guyana; and also for their friends and loved ones to be able to access the funds without hassle. This is why we introduced the direct to account option, for our Guyanese market as well,” he added.
Mr Hines noted that, “The COVID-19 pandemic has also made customers more amenable to online services. As, prior to the pandemic, some customers prefer visiting a branch or agent location, to send or receive funds, because of the interaction with people.
“However, COVID-19 has opened up their minds to sending funds online; or receiving it in their accounts; and this has provided an opportunity for us to advise them that online was an option. I am also positive that, with more persons in Guyana being able to receive funds directly into their accounts, even more senders will opt for this method, because it is a safe alternative,” he affirmed.
Mr. Hines revealed that the service was easy to use; and can be done simply by visiting a JN Money location in the USA, Canada, the UK, or The Cayman Islands, and inform the JN Money representative that they want the funds to be deposited to an account, and provide the name and account number of the recipient. He added that customers could also log on to www.jnmoneyonline.com to send funds directly to the recipient’s bank account.
In 2020, remittances to Guyana totaled US$416.27 million, which represented 11 percent of the country’s Gross Domestic Product. Mr. Hines believes the JN Money’s direct-to-account service will impact positively on the country’s economy.
“Remittances are an important source of foreign exchange for many countries; therefore, our service will encourage more persons to send funds home which will also impact the Guyanese economy positively,” he affirmed.