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The Atrium, headquarters of the National Commercial Bank in Kingston.
FOR PEOPLE living in the Cayman Islands who regularly send money to Jamaica, a new service being offered by NCB (Cayman) Limited, is now being marketed as the least expensive, fastest, and safest method of sending their money home.
PARENT COMPANY
Zip Cash Remittance Service or, in short, 'Zip Cash', is the creation of the parent company of NCB (Cayman) Limited, National Commercial Bank Jamaica Limited. NCB has 52 branches and operates an extensive network of 104 Automated Banking Machines located across Jamaica. In addition to having two representative offices in the United Kingdom, the bank is the market leader in the credit card acquiring business in Jamaica with terminals at approximately 7,000 merchants across Jamaica.
Zip Cash will provide persons living and working in Cayman, with the convenience of getting money transmitted directly to a branch in Jamaica.
NCB recognises that the high cost of remittances compared with the income of such persons can be burdensome therefore Zip Cash Remittance Service is less expensive than other services available in Cayman. It costs as low as CI$7 to send money to Jamaica. Zip Cash is faster than other island services, because the money is sent instantly to Jamaica via the Bank's high-speed network. Additionally, the bank stresses the security of Zip Cash, since money is sent to the same bank (NCB Jamaica), via the Bank's private network.
The service may also be used to send money to an NCB foreign currency account in Jamaica. Credit cards are also available, and at present, NCB is offering a special introductory rate for these
services.
NCB's balance sheet has assets totalling US$2.3 billion and shareholders equity of US$215 million. For the year ended 30 September 2002, the Bank made a pre-tax profit of US$44 million.
