Laparkan Financial Services has secured a partnership agreement with the Jamaican remittance company, JN Money Services Limited (JNMS) which would enable the latter to expand to four more Caribbean countries.
A press release yesterday from JN Money Transfer, which already has operations in Jamaica, the Cayman Islands, St. Vincent and Dominica says it will now have payout operations in Guyana, Trinidad, Antigua and Barbados following the partnership agreement with Laparkan Financial Services.
Glen Khan, Chairman of the Laparkan Group of Companies, was quoted in the release as saying that the agreement with JNMS will enhance the remittance experience for customers. He said that it provides, “access to an affordable Caribbean remittance service that understands their needs.”
“The agreement has deepened JN Money Transfer’s ties in the Caribbean and strengthens its position as the leading Caribbean-owned remittance entity,” Leesa Kow, General Manager, JNMS was quoted as saying.
She disclosed in the release that the arrangement began in March through Laparkan’s eight payout locations in Guyana. She said this figure may soon be increased to 50 through post office locations across Guyana.
In June, the release said that the two sides bolstered their agreement and included Laparkan’s six payout locations across Trinidad, Barbados and Antigua.
The release said that the partnership with Laparkan follows the addition of more than 8000 locations to the JN Money Transfer network through another partnership with the Philippines-based G-xchange (GXI) in March.
JNMS is based in Kingston, Jamaica, and markets its services under the JN Money Transfer brand, in several other Caribbean countries.
On July 26, 2013 the Bank of Guyana in a notice in the Stabroek News said that approval had been granted to Laparkan Financial Services Limited (LFSL) to voluntarily cease conducting business for which it was licensed under the Financial Institutions Act 1995.
Therefore, it said that the licence issued to LFSL was revoked pursuant to Section 11 (1) (b) of the Financial Institutions Act.
No other details were provided in the notice. The operations of Laparkan Financial Services, part of the Laparkan Group of Companies, included money transfer and cambio services. These services had been hit in recent years by declining remittances and increasing competition.
