Bank of Jamaica - FILE PHOTO
The Bank of Jamaica says the remittance industry is showing signs of consolidation, with fewer licensed and active remittance agencies operating last year.
The number of licensed remittance companies fell by about nine per cent last year, from 842 in 2024 to 768. Of those, the number of active companies declined by about 10 per cent, from 492 to 442.
The central bank says the number of agents that surrendered their licences, or had them revoked, increased by about 60 per cent, from 83 in 2024 to 133 last year. Another 66 agents closed, representing an increase of about 35 per cent over the 49 that closed in 2024.
Meanwhile, only 16 new licences were granted last year; about 41 per cent fewer than the 27 approved in 2024.
Despite the reduction in the number of operators, remittance inflows remained significant to the Jamaican economy.
Bank of Jamaica data show remittances accounted for 15.4 per cent of GDP last year, unchanged from 2024.
However, that was below the peak of 21 per cent recorded in 2021, during the COVID-19 pandemic.
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