PM welcomes Building and Loan Money Transfer

Prime Minister Dr. Ralph Gonsalves welcomes the influx of money transfer companies into St Vincent and the Grenadines, remarking that the competition was good for the customer. “Once upon a time there was the belief that for money transfers… there was only one entity in existence,” he said, adding that many behave as though it is the end of the world when that particular entity changes partnership or is reportedly pulling out of the country.{{more}}

Dr. Gonsalves was speaking at the St. Vincent launching of the Jamaica National Money transfer’s operation in St. Vincent, a partnership initiative between the Jamaica National Building Society and the St. Vincent Building and Loan Association. Following similar launches of their money transfer service in New York, The United Kingdom and Canada they met on the evening of Friday, June 30 at the Sunset Shores Hotel in Villa to kick off the St. Vincent leg of their partnership.

During his short address, the Prime Minister suggested that the liberalization of the money and Capital market demands the coming together of various companies. He further remarked that in the past, money transfer services were too expensive and stressed the need for cheaper and more efficient money transfer services. The Prime Minister also took the opportunity to mention the Postal Cooperation’s own money transfer service along with that of the National Commercial Bank, while reiterating that the competition and choices will be good for the public.

The Jamaican National Building Society (JNBS) Money Transfer service has been in operation from 1988 when its first office was opened in the United Kingdom. They currently have 24 locations in Jamaica, 27 in the United Kingdom, 111 in the United States, 65 in Canada, three in the Cayman Islands and now one in St Vincent.

When he addressed the ceremony, president of the St Vincent Building and Loan Association, Ken Browne said that the association has been approached for buy out by two international corporations but stressed the association’s determination to remain indigenous.

Referring to the Building and Loan Association as a big fish in a small pond with its EC 200 million plus in assets, Browne said that their partnership with JNBS provides the opportunity for his association to press towards the goal of becoming the largest financial institution in the Organization of Eastern Caribbean States and together they hope to become the largest such organization in the Caribbean.

A relationship that has a strong element of trust is how the partnership between JNBS and the St Vincent Building and Loan Association was described by Dunbar Mc Farlaine, General Manager of JBNS in the Cayman Islands. He promised a commitment to the further developing and deepening of the relationship between the two organizations.