Jamaicans will be able to use the video transfer in 11 branches in the United Kingdom (UK), eight across the United States, one in Canada and, locally, in the network of Jamaica National Building Society (JNBS) branches, Money Shops and the National Building Society of Cayman. In all, there are 52 locations.

Leesa Kow, general manager of JN Money Transfer, stated, "You can do a video recording at any JN branch and it gets sent to receivers anywhere in the world where there is a branch." Likewise, Jamaicans abroad can do the same for their relatives here.

For 30 seconds of video, Jamaica will pay $100; for 60 seconds $150 and, for a 90-second clip, the cost is $200.

According to Kow, research indicates that most of those who use the remittance service do not have the kind of cellular phone on which one can send images and video.

JNBS continues to expand Money Shop services, which appears to be the current growth area for the group and its subsidiaries.

The latest addition is a new Money Shop in Highgate, St Mary, bringing to 32, the number of JN locations islandwide.

Increased transactions

As indicated in the JN Group 2009 report, released in September, fees earned from money transfers increased by 32 per cent during the year, contrasting with the mortgage portfolio, which fell by 10.5 per cent and the loan interest income, which fell by 24 per cent.

It was also noted that the number of bill-payment transactions increased by 184 per cent during the year.

During the year under review, the total assets of the JN Group exceeded $100 billion for the first time, moving from $90.5 billion to $106 billion as at March 31, 2009; and the group achieved a pre-tax surplus of $1.8 billion.

Overall increase

According to Kow, the overall value of transfers sent recorded a nine per cent increase over the prior year.

In the case of outbound remitt-ances, transactions grew by approximately 11 per cent for the financial year 2008-2009.

JN Money Services Limited describes work permit holders as its primary clients.

Fee income growth was attri-buted to an overall increase in the number of transactions, as the fees remained unchanged. Remittances also contributed to foreign exchange gains.

avia.collinder@gleanerjm.com