KINGSTON, Jamaica: JN Money Services Limited (JNMS) and its sister organization, the National Building Society of Cayman, have bought First Financial Caribbean Limited (FFCL) and First Financial Caribbean Jamaica Limited (FFCJL), which were subsidiaries of the First Financial International Group Limited, and operators of the QuikCash and SunMoney brands.
The sale agreement was signed on July 30 at the registered offices of JN Money Services Limited on Constant Spring Road, in Kingston.
“This acquisition solidifies JN Money Services’ position as a major player in the international remittance market, and provides the basis on which we can explore other ventures,” Leesa Kow, General Manager of JNMS said following the signing.
“As the global remittance market which, according to the World Bank, amounts to more than US$300 Billion, continues to rebound, we see this acquisition as a strategic opportunity to expand our brand as we take advantage of new and emerging markets.”
JN Money Services, which operates the JN International Money Transfer brand, has been enjoying steady growth, despite the impact of the global economic environment on the remittance industry, since late 2008.
“It is against that background that we continue to aggressively pursue our expansion initiatives, such as moving into the African market, and further consolidating our position in the Caribbean,” Kow said.
Delroy Howell, Chairman of First Financial International Group, said that his main reason for selling was to free his organization to explore other development projects in Cayman and he saw JN Money Services as a company with vision, which would readily benefit from the infusion of the buoyancy of QuikCash and SunMoney.
“We observed the ‘people synergy’ of JN International Money Transfer, which was one of our main competitors in Cayman, and welcomed the opportunity to sell our business to an organization with a similar vision and philosophy,” Howell said.
Earl Jarrett, General Manager of Jamaica National Building Society (JNBS), which owns both JN Money Services Limited and National Building Society of Cayman, said that the purchase demonstrated the JNBS’ confidence in Jamaica, the new financial directions, and “the country’s ability to out-perform.”
He said that this marks the beginning of a new and exciting era for JN Money Services to better keep Jamaicans in the Diaspora connected, as the company continues to enhance and expand its services.