Four branches of Jamaica National Building Society (JNBS) will become Money Shops as of October 7. The four branches are located in Junction, St Elizabeth; Christiana, Manchester; Linstead, St Catherine, and St Ann's Bay, St Ann.

The conversion is integral to the Society's strategy to improve efficiencies in its network, and will result in the Society operating 17 Money Shops, explained Philip Bernard, executive with responsibility for community banking.

"The JN Money Shops were designed to serve small communities where members are not engaged in a wide range of financial services which require large banking structures," he stated. "The Money Shop model, therefore, offers the advantage of convenient locations, longer operating hours, excellent customer referral services, and fast transaction times, all in an attractive, high-tech environment."

JN Money Shops are structured to facilitate regular JNBS banking activities, including savings account deposits and withdrawals; foreign exchange trading; mortgage payments; telegraphic transfers; to send and receive money transfers and make bill payments; as well as, facilitate mobile phone top-ups.

Hilret Hanson, executive with responsibility for branch operations, stated that the conversion of these branches will result in extended operating hours at the four locations. He indicated that loan applications would be facilitated by the business and sales advisers within the region.

"To override the negative impact of the National Debt Exchange, the Society has reviewed our operations and identified efficient strategies to maintain our extensive operation base across the island," said Hanson. We are confident that restructuring of our operation in these locations will reduce costs; and, at the same time, we will continue to provide quality service to our members," he affirmed.

The JN Money Shops emerged from Jamaica National's community banking concept, which seeks to expand access to financial services and other facilities that support economic empowerment in rural and financially underserved communities.