Susan Gordon, Business Reporter

Headquarters of the Capital and Credit Merchant (CCMB) in New Kingston. Reggae Money Express's outbound money-transfer services will be offered only from the CCMB branches in New Kingston and Montego Bay. - File

Saying that it wants to distinguish itself from others in the market with similar handles, but also clearly intent on associating itself with Jamaica's iconic music brand, the Capital and Credit Financial Group will be adding the word 'Reggae' to the name of its money-remittance service.

It is to be called 'Reggae Money Express'.

"We renamed the service as a result of a number of entities locally and overseas using part of the name (money express)," said Sheron Dixon-Brown, the manager of Capital and Credit Remittance Limited, a subsidiary of the Capital and Credit Group. "We felt it necessary to distinguish the company."

Name confusion

Until recently, the Capital and Credit remittance brand might have been easily confused with Money Express Financial Services, ostensibly a cambio company which apparently went bust from unauthorised trading on the global foreign-exchange market.

The company's cambio licence was suspended by the central bank.

Reggae Money Express is in more than 80 locations across the islands.

The outbound money-transfer services, however, will be offered only from the Capital and Credit Merchant Bank branches in New Kingston and Montego Bay and from Capital and Credit Securities Limited in Ocho Rios.

Capital and Credit has had a 14-year alliance with RIA Financial Services in California, United States, which Dixon-Brown says provides Reggae Money Express with services in 84 countries.

"We are targeting the high-end market like persons who have children going to school abroad or bills to pay overseas," Dixon-Brown said. "We want to cater to this niche market."

susan.gordon@gleanerjm.com