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Remittance inflows are flat amid fewer providers, but MFS Capital Partners aims to profit by securing licences to operate along key corridors.
The company secured licences for remittance services at its new branch at Windward Road, eastern Kingston, and cambio services at its existing location at Three Miles in St Andrew. Chief Executive Officer Dino Hinds said the new services will start contributing to revenue in the first quarter, from July to September.
“You won’t see a big impact because new branches take a while to get going. You will start to see trickling in our September quarter, but you should certainly see a better picture of where we are in terms of these fees in the December quarter,” said Hinds about MFS’ financial year, which ends in June.
Remittance inflows reached US$1.46 billion during the first five months of the year, or 0.8 per cent higher year-on-year, according to Bank of Jamaica data. In 2025, the regulator issued 16 new licences to operate remittance locations, taking the total to 768. That is, however, down from 842 in 2024 after factoring in relinquished licences and voluntary closures.
