Nov 2009 Financial News

GraceKennedy launches remittance service in UK

Nov 04, 2009

GraceKennedy Money Services (GKMS) officially launched operations in the United Kingdom and deepened its relationship with Western Union, becoming one of that organisation's seven master agents in Britain.

According to deputy chief executive officer of GraceKennedy Financial Group, Joseph Taffe, it was the first time that GKMS was venturing in "such a big way" outside of the Caribbean.

"In the UK, we will be providing the money remittance services to anyone who wants it. We will be providing more than we have traditionally. The model we operate in Jamaica and the Caribbean is what we will be taking to the UK, and it's the first time that we are taking it out of the Caribbean," he said.

According to Taffe, despite the global economic contraction that has resulted in a decline in remittance flows, it was a good time for GKMS to expand.

Enduring the down times

"The fact is that people will still be sending remittances. If we waited until when it was buoyant, then it might have been that much more difficult and costly to get in. Sometimes it is not always at the peak that you should get in, sometimes you should get in when it's down, so when it climbs back you are already there and you reap the benefits," he said.

The launch took place at the Jamaican High Commission in London.

Jamaica's High Commissioner Burchell Whiteman said the move would support the Jamaican economy and enhance the image of Jamaica in the UK.

"Grace is doing the right thing," said Whiteman.

"You look at a recession and you do not say, let us fold our hands until this thing is over, you do something to ensure that you help it to be over."

GraceKennedy/Western Union currently operates from some 33 locations across the UK.

GMKS Managing Director Joan-Marie Powell said that by the end of this year, this will expand to 60, with plans to double that number next year.

- JIS


Source:
Jamaica Gleaner
Wednesday November 4, 2009

http://www.jamaica-gleaner.com/gleaner/20091104/business/business5.html