Jamaica, leading recipient of remittance funds from Cayman

7:44 am, Tue September 30, 2014

A remittance report from the Cayman Islands Monetary Authority shows that Jamaicans have sent home more money than any other group of foreign workers in the territory.    
Over the last three years, just under US$ 439-million was sent from Cayman through money transfers. Jamaica received the largest amount in 2013 – more than US$111 million.
The Philippines trailed behind with US$21-million, while Hondurans sent home US$11 million.

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Jamaica, leading recipient of remittance funds from Cayman

Credit Union League enters remittance market

The Jamaica Cooperative Credit Union League, through its subsidiary, Centralised Strategic Services, will be going after the remittance market with its mobile payment solution, CONEC, which has signed an agreement with MoneyGram to provide remittance services.
Heston Hutton, Managing Director of Centralised Strategic Services, announcement on Wednesday that, with the company having received a remittance licence, it will be “going for remittance… aggressively.”

Explaining the advantage to customers of using the new electronic service, he said, “instead of them having to jump on a bus, to drive to the town to go sign up or receive remittance, they can pick it up from their phone in their backyard.”

The aim, Mr Hutton said, was to have consumers receive remittances via its CONEC mobile payment solution by the end of March next year.
He was speaking at a ceremony at which it was announced that Paymaster will be a point of  sales agent for CONEC.

View the original article here

Credit Union League enters remittance market

Credit Union League enters remittance market

The Jamaica Cooperative Credit Union League, through its subsidiary, Centralised Strategic Services, will be going after the remittance market with its mobile payment solution, CONEC, which has signed an agreement with MoneyGram to provide remittance services.
Heston Hutton, Managing Director of Centralised Strategic Services, announcement on Wednesday that, with the company having received a remittance licence, it will be “going for remittance… aggressively.”

Explaining the advantage to customers of using the new electronic service, he said, “instead of them having to jump on a bus, to drive to the town to go sign up or receive remittance, they can pick it up from their phone in their backyard.”

The aim, Mr Hutton said, was to have consumers receive remittances via its CONEC mobile payment solution by the end of March next year.
He was speaking at a ceremony at which it was announced that Paymaster will be a point of  sales agent for CONEC.

View the original article here

Credit Union League enters remittance market

Remittance inflows on the increase

Bank of  Jamaica data show in March net remittances increased by nearly US$11m  or 6.7% to US$171.5m.This reflected an increase in gross remittance inflows which was augmented by a marginal decline in remittance outflows.Gross remittance inflows for the month were US$187.8m, an increase of  US$9.4m or 5%  relative to the corresponding period last year. The inflows were above the average of  US$173m for the previous five corresponding periods.And during the first quarter of  2014 remittances were also up. Net remittances for the three months were US$461m, an increase of  US$29m  or nearly7%  when compared to 2013. The outturn for the review period reflected an increase in gross remittance inflows and a contraction in outflows.Total remittance inflows were US$514, an increase of  US$21.8m or 4%. The inflows were above the average of  US$468m for the previous five corresponding periods. Remittance inflows for the year to-date were marginally above the corresponding pre-crisis out-turn for 2008.

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Remittance inflows on the increase

Remittance inflows on the increase

Bank of  Jamaica data show in March net remittances increased by nearly US$11m  or 6.7% to US$171.5m.This reflected an increase in gross remittance inflows which was augmented by a marginal decline in remittance outflows.Gross remittance inflows for the month were US$187.8m, an increase of  US$9.4m or 5%  relative to the corresponding period last year. The inflows were above the average of  US$173m for the previous five corresponding periods.And during the first quarter of  2014 remittances were also up. Net remittances for the three months were US$461m, an increase of  US$29m  or nearly7%  when compared to 2013. The outturn for the review period reflected an increase in gross remittance inflows and a contraction in outflows.Total remittance inflows were US$514, an increase of  US$21.8m or 4%. The inflows were above the average of  US$468m for the previous five corresponding periods. Remittance inflows for the year to-date were marginally above the corresponding pre-crisis out-turn for 2008.

View the original article here

Remittance inflows on the increase