Member company of Jamaica National Group JN Money has been launching “direct-to-account remittances services to Guyana” according to the company officials under this the person who is sending any funds to the person living in the CARICOM countries those have been situated on the coast of South America. The funds would be directly reaching the account of the recipient.
The service of “direct-to-account remittances services to Guyana” gives access to the persons for sending funds from the United States of America, the United Kingdom, Canada, and The Cayman Islands. There have been six banks that have been on the list of these services in Guyana. These banks names include the Republic Bank (GUY) Limited, Guyana Bank for Trade and Industry; Bank of Nova Scotia; Citizens Bank Limited; New Building Society and the Demerara Bank Limited.
Mr Horace Hines, General Manager, JN Money Services, owners, and operators of the JN Money brand, said that they have continued to research and interact with their customers about how they could provide convenient ways to send and receive funds.
Mr Horace Hines, General Manager, said that based on the feedback from their customers, they realized that many wanted a fast, safe and convenient method to send funds to Guyana and also for their friends and loved ones to be able to reach the funds without trouble. That has been the reason why they introduced the direct to account option for their Guyanese market as well.
Mr Hines said that the COVID-19 pandemic has also made customers more responsive to online assistance. Before the time the pandemic hit society, some customers favour visiting a branch or agent location to send or receive funds because of the interaction with people.
Mr Horace Hines, General Manager, said that however, COVID-19 pandemic had opened up the minds of the customer that to send funds online or receiving that in their accounts and that had provided an opportunity for them to advise the customer that online has been an option. Horace Hines was also optimistic that, with more persons in Guyana being able to receive funds directly into their accounts, even more senders would opt for this method, as this method has been a safe alternative.
During the year 2020, payments to Guyana were touching the total amount of US$416.27 million, which showed 11% of the country’s Gross Domestic Product. Mr Hinessaid that he believes that JN Money’s direct-to-account service would impact positively the country’s economy.
Horace Hines, General Manager, said that payments had been an important source of foreign exchange to many countries. So, in that case, their service would encourage more persons to send funds home from the diaspora, which would also impact the Guyanese economy positively.