JN Money Services Limited (JNMS) has expanded its global presence by establishing a remittance agency in Africa. The move into Ghana is part of a thrust by JNMS to expand its remittance business beyond the Jamaican, United Kingdom (UK), North American and Caribbean markets, according to Earl Jarrett, general manager of Jamaica National Building Society (JNBS).

JN Money Services Limited, which transmits funds through branches and agents in three continents under the brand name JN International Money Transfer, is a JNBS subsidiary.

"We are expanding our global footprint," Jarrett said, following a recent meeting with Ghanaian officials in London. "We think it is vital for the growth of our business to move into the African continent."

The remittance company, one of the largest in the island, has an agreement with Merchant Bank Ghana Limited (MBG) to act on its behalf in Ghana. The African remittance partner has an extensive branch network to serve the public in its homeland.

Ghana was chosen as the starting point in Africa as it has a number of advantages, Jarrett explained. He said that the country of 23 million also enjoys political stability and has a diaspora numbering more than four million. This translates into a remittance market of US$4 billion, which is almost twice the size of the Jamaican market

Largest concentration

The Ghana service, which started in April, is now available through JN Overseas UK Ltd, the United Kingdom subsidiary of JNMS, which is the initial target market, said Leesa Kow, general manager of JN Money Services Limited. She said that the link with MBG was initiated from the company's operations in the United Kingdom, which has one of the largest concentrations of Ghanaians outside of Africa.

JN Money Services has an expanding network serving the African and Caribbean communities in the United Kingdom, as some migrants tend to live in the same areas. As a result, Kow noted, "Many Ghanaians have already started to use the new service to forward funds, even prior to our promotions."