Local money store closes as remittances decline

| 03/06/2011

(CNS): Reports in the Jamaican Gleaner Friday revealed that Capital and Credit Financial Group (CCFG) has now decided to close its Cayman Islands subsidiary, Express Remittance Services by mutual agreement with its partners. The firm which operates the Reggae Money Express stores cited declining business and high operating cost. The company also said the robbery in January at its Elizabethan Square branch aggravated but it did not reveal how much was taken. The RCIPS have since charged four people in connection with the holdup which they believe was an inside job. (Photo Dennie Warren Jr)

"The decision by Capital & Credit to cease business in Cayman was taken due to the increasingly unfavourable market conditions in that territory, which has seen significantly declining remittance numbers, increasingly higher operational costs, and was further aggravated by the recent robbery of the ERS offices in Grand Cayman," spokeswoman Michelle Wilson-Reynolds told The Gleaner.

CCFG, which owns 40 per cent of the company, had initially attempted to sell its stake. Wilson-Reynolds said the negotiations to sell fell through and that the owners of the remaining 60 per cent of the company were not up to going it alone.

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  1. Anonymous says:

    Maybe they didn't like being taxed

  2. Anonymous says:

    What has created confusion is the way in which incidents are reported.  This is Cayman, so therefore any incident that occurs/happens, first thought it is a Caymanian who has commited it.  I would like to see names and nationalities of people who commit crimes posted.  I see this as a huge problem in reporting.  Who are we protecting?  It is the criminal, not the upright citizen.

    Sometimes, if pictures were posted, perpetrators would be caught, and less time wasted, in long searches.  Just a thought.

  3. Anonymous says:

    Jamaican Businesses leaving because of Crime What a joke dont you know that Jamaica is where Caribbean crime originated from?


    Cayman Wake up put in more VISA restrictions on them.

    What the hell you know about Jamaica, I lived there for over thirty yrears 

    • Anonymous says:

      Ask yourself how is it so much crime happens on this little island, why everyone is afraid to talk to the police and tell what they know, and check out the population at Northward before your open your mouth and express your ignorance in public.

  4. 3rd CLASS CITIZEN says:

    Mac failed to do anything about crime. He never said anything about West Bay crime. When arrivals fail to come voter will then see our political leadership has failed to act and it will be too late.

  5. Loopy Lou says:

    Jamaican businesses leaving Cayman because of crimes committed by Caymanians  . . .

    • Anonymous says:

      We don't know who the crimes are committed by but we cannot rule out that they may also be committed by Jamaicans. 

  6. Anonymous says:

    Probably now Cayman can start to recover from the KYD100Million dollars leaving Cayman each year to other Countries (Mainly Jamaica)

    This is why Cayman is in the position it is in now that KYD100M should be regenerated back into the Cayman economy to create new jobs & opportunities for this country.


    If cayman was to hear of the houses in Beverly Hills/Cherry Gardens that Cayman has financed for maids/Gardeners you would all think twice about having these poor class people draining your country.


    They come here to work & when they return home their homes are more lavish than the ones they worked in here (swimming pools in some cases)


    Cayman wake up

    • Anonymous says:

      Homes Cayman financed for maids/gardeners?  I am quite sure that these "poor class people" cannot get any sort of financing in Cayman, so dont know were you are coming from with this statement.  These poor class people work under poor and abusive working conditions in order to save their money and send back to their country to build their homes.  These poor class people have priority – children education (90% of our maids/gardeners here have children attending university- that is not funded by Government), home and then the materials things come after.  What more do you all want these poor class people to do; from the little theyearn, even the blind can see that a great amount is spent back in our local economy; visit the supermarkets on Saturdays; go into the stores and various hair salons and you will see who is spending, and the little that they send home; that too contributes to the local ecomomy – there is a fee for sending the money, which is used to pay the local staff of the remittance companies, the government earns a tax from this transmission which goes to fund education, roads, hospital etc for us Caymanians; and you have the nerve to talk about "draining your country".  At times these poor class people contribute more to the local economy that we Caymanians, let me give you some examples of whom is draining your/our country:

      We go to Miami, spend thousands of dollars – lied to Customs, destroy our receipts; we refuse to pay our hospital bills; government was owed thousands when they abolished the book rental fees; we refuse to pay our garbage fees to the point it too had to be abolished, and these are just a few examples.  My friend when these fees are paid they contribute to the local economy; they provide the necessary care and medicine we as Caymanians need, they provide roads for us to drive our prestigious cars on, they provide for the schools our children attends and they provide a salary for our people who in turn spends it back into the local economy, but since we refuse to pay these fees, these poor class people are taxed on their remittances – and government does get that money.  Now my friend tell me who is draining your/mine/our country.

      Why do we always cry down a man for taking care of their responsibilites; how many times have we not heard that these islands werebuilt by our forefathers who went to sea and send their money home to take care of family, some of these seafaring families are the richer Caymanians today- did the people in those countries that they worked "classed them as poor class people" for doing the right thing.

       Matthew 5:5 says – Blessed are the meek for they shall inherit the earth.

      • Anonymous says:


        God bless you for speaking the truth. We as Caymanians are all about tearing down our own, now they want to tear down the people that come here to assist with certain jobs,  that some, and I say some of our lazy ass Caymanians don't want to do.

        We cannot blame the Jamaicans or any other nations that come to our shores, if we as parents had instilled in our children, that they needed  to be more assertive, AMBITIOUS and smart, and get out there and get a job, then and only then Caymanians would all have a job.

        And guess what? we wouldd'nt have the so call problem today.

        I blame no one else but the parents of the last two, and present generations.

        They would rather feed, clothes, and  give their children a car to run around as bums.

        All I can say is, God bless the poor Jacans and any other nations, that leave their families back home, to come to some other country to work, so they can educate their children, so they can be better off in the long run.

        Educate your children…Caymanians..teach them ediquet,manners,good attitude,self respect.

        (By a born Cayman Bracker 59 years old) 

    • Anonymous says:

      Cayman financed them or these people worked hard, saved their money and then used it when they returned home to build their own homes and better provide for their families?  

      If you was afforded the opportunity to work in another country and make/save more money than you could in your homeland, would you not try to achieve the same goals, and send money back home to support your family and children's education?  If not then you would be a very selfish and unfeeling person.

      Please crawl back under the rock that you came from




    • Anonymous says:

      And while you're spouting your ignorant bigotry….

      You might remind Caymanians that the jobs that they refuse and turn up their noses at is what has financed these 'lavish houses' in Cherry Gardens and Beverly Hills, Kingston and Mandeville, Manchester.

      Its called ambition, hard work and a willingness to suffer to achieve one's goals.

      Something some Caymanians could learn a thing or two about now that these same poor class people might be returning to live in their lavish homes and leave them to do their own gardening and house cleaning.

    • Anonymous says:

      Stop the Jamaican bashing already!  Besides working hard for little money, they have to put up with the insults and degradation.  So who 'financed' them or did they just work for their money?  More people on this Island should try working for their money!

      By the way, is there any nationality working in any country in this world that would not send any money back home.  Not only Jamaicans work away from their homeland you know.

      Get over yourself and step down from your pedestal or maybe you are just about to fall off it.

      • Anonymous says:

        LOL, you really think the domestics and gardners who work on less than susbsistence wages, who share accommodations because they can't afford rent on their own, can afford houses in Beverly Hills?  You must be smoking something.  They come here to work hard to send money back home to feed their families.  Many hardworking mothers sacrifice seeing their children daily so that they can put food on the table for those same kids and pay their school fees.  And after you XXXX are done working them hard, 24 / 7 and exploiting them, without giving them health insurance nor pension, you send them back home when they are too old to work anymore because you don't want them to become citizens and get some of your welfare benefits from Govt.  SHAME.   And you call yourself a Christian country? 

  7. Anonymous says:

    And how many money stores we have in a little Island like ours, I'm surprised they all last this long.

    What do you expect when a Government has to depend on these little business license fees, to make up it's revenue.

  8. Anonymous says:

    Things are getting bad – even the local laundry service is closing doors….

  9. Anonymous says:

    Caymanians used to talk about the crime in Jamaica and now a Jamaican business has closed down their operations in Cayman at least partially because of the crime here. Quite a turnaround I must say!

    • Swine says:

      Correct me if I am wrong, but was it not Jamaicans that robbed the store that you are speaking of? lol

      • Anonymous says:

        Caymanians robbed the store,i know one of the robbers, i played cricket and football with him while he was in primary school.

        • Anonymous says:

            Public has always believed that most of the robberys are inside jobs or the have inside information.


        • Swine says:

          Ok, I stand corrected then, but dont let anybody know that, ok? This will be our little secret.

      • Anonymous says:

        Actually you are wrong they were Caymanians involved. I know them personally.

        • Anonymous says:

          I assume that is tongue in cheek otherwise you should have reported it so that they are convicted.