- Winston Sill/Freelance Photographer
General manager of Jamaica National Building Society, Earl Jarrett, shares a joke with Minister of State in the Ministry of Finance, Senator Deika Morrison, at the launch of the JNBS Money Transfer Card last Thursday at Mas Camp in New Kingston.
Ashford Meikle, Staff Reporter
ACCORDING TO data from the Inter-American Development Bank (IDB), Jamaica earned approximately US$1.425 billion in remittance inflows into the island in 2003.
Hoping to increase its share of this market, Jamaica National Building Society (JNBS) officially launched its JN Money Transfer Card and International Money Transfer Advertising campaign on Thursday, May 27, at Mas Camp Village on Oxford Road in New Kingston. Guest speaker at the launch was the Minister of State in the Ministry of Finance, Senator Deika Morrison. Other speakers included the Mission Director at United States Agency for International Development's Jamaica-Caribbean Regional Programme, Karen Turner, general manager of JNBS, Earl Jarrett, and senior manager of remittances at JNBS, Leesa Kow.
At the launch, Mr. Jarrett acknowledged the partnership with USAID, whose assistance resulted in the lowering of the transaction costs involved in remittance of cash to Jamaica. Ms. Turner noted that as a result of the cost savings, JNBS had been able to donate US$130,000 to Jamaican high schools to purchase computers.
In her presentation, Senator Morrison highlighted the importance of remittances to Jamaica's economy, noting that "from a macroeconomic perspective, remittances are a significant source of foreign exchange and contributor to the balance of payment." In 2003 remittances contributed about 13 per cent to the country's GDP.
The junior minister spoke of the Government's attempts to facilitate remittance markets, encouraging financial intermediation and improving systems to collect and report remittance market data, as well as promoting financial literacy. She applauded the partnership of the USAID and JNBS since "reduced transaction costs is a driving force in the development of the remittance market."
USING THE CARD
The JN Money Transfer card, first introduced in December 2003, is similar in appearance to debit and credit cards. While it is different and separate from the regular JN Teller 24/7 ATM card, it will allow remittance receivers to access their wire transfers sent via JN Money Transfer at any of the 500 multi-link ATMs islandwide. It may also be used to purchase goods or services from over 7,000 debit card merchants in Jamaica.
To guard against fraud and protect the holder in the event of theft, the card will be encrypted with customer information. Holders of the card do not have to be customers of Jamaica National. The JN Money Transfer Card is the first of its kind in Jamaica.
Jamaica National Building Society has operated a money transfer service since 1988, when it opened its first office in the United Kingdom, tapping into the savings inflows from its overseas customers. Sixteen years later, JNBS has 24 locations in the UK, 181 locations in the U.S., 34 in Canada and seven in the Cayman Islands.
The JN Money Transfer Card will use the E-money software system developed by Management Control Systems (MCS), a subsidiary of JNBS. MCS will also provide technology support for the product.
Microsoft also assisted in the development of the software.
