Jamaicans living in the Cayman Islands will now have to find US dollars in order to send money back home.
Effective today, Jamaica National Money Services says it’s only accepting US dollars from customers who wish to use JN Money Transfer, Money Gram, and Quick Cash.
JN is the only company in Cayman currently offering remittance services.
This after Western Union abruptly closed its businesses there last month.
Western Union says the closure is only temporary.
All remittance companies in Cayman are struggling to secure new banking arrangements, as the majority of banks are refusing to offer banking services in fear of tighter regulations from the US.
JN says the decision to accept US dollars only has been taken in order to maintain services to persons living and working in the Cayman Islands who support family and friends overseas.
JN Money Services operates two money transfer branches and a network of nine agents in the Cayman Islands
The company manages a significant percentage of remittances from Cayman to Jamaica
People in the Cayman Islands sent almost $180-million in remittances to various parts of the Caribbean last year.
The Cayman Islands Monetary Authority says $110-million of that sum was sent to Jamaica.