Business
Jamaica: Remittance flows increase
Jamaica: Net Remittances. Source: Bank of Jamaica
(Jamaica Gleaner) On the back of record remittances in 2011 that narrowly edged out pre-recession highs, companies in the money services sector say they are expecting the pace of inflows to improve even further this year and are edging their bets through network expansion and new partnerships.
Remittances rose to a new high of US$2.025 billion of inflows last year. The last time Jamaica hit that mark was in 2008 when inflows were recorded at US$2.021 billion.
The improvement tracks with a rise in job prospects in the United States from where 58 percent of total remittances to Jamaicans now flow.
The other top markets are United Kingdom, 17 percent; Canada, 11 percent; and Cayman Islands, 6 percent.
Inside Jamaica, as the market heats up, so has the jockeying for business.
Grace Kennedy Money Services (GKMS) for example, which holds the Western Union franchise for the Caribbean, cut money transfer fees towards the end of last year to beat back any incursion by other players.
