CCRL selling Cayman arm of Reggae Money Express

(CNS): According to reports in the Jamaican media, Capital Credit and Remittance Ltd is selling the Cayman branches of its money transmission centres ‘Reggae Money Express’. It is not clear which entity is ready to purchase this arm of the firm but reports suggest it is a Cayman Islands’ based company which will be buying up the business. CCRL offers money transfer services in five locations in Cayman as well as more than 78 centers in Jamaica and the wider Caribbean. Andrew Cocking, CEO of CCRL’s parent company, Capital and Credit Financial Group (CCFG), told the Jamaican press that the decision was made to sell the Caymans businesses in order to minimize operation costs.(Photo Dennie Warren Jr)

“The entity we are talking to sees it as a positive synergy for themselves because they are also in the Payday loan business,” Cocking said.

With Western Union dominating the money transfer market, CCRL hasaround only one percent of the market share. Statistics from the World Bank recently said remittances were on the rise in Jamaica, Haiti and other countries after sinking by 12 percent in Latin America and the Caribbean.