Remittances rise in February by highest level in four years amid fall in active locations

Net remittance inflows totalled US$247.6 million in February, representing an increase of 3.8 per cent, compared to year-earlier levels, the latest remittance bulletin from the Bank of Jamaica stated.

It is the highest percentage rise since February 2022 when remittances grew 5.8 per cent, according to previous bulletins. The 2026 rise was primarily due to an increase in total remittance inflows, supported by a marginal decline in remittance outflows.

For the calendar year to date, remittance inflows to Jamaica are at record levels, amounting to US$542 million for January to February 2026, an increase of 4.2 per cent relative to the corresponding period of 2025.

Jamaica’s growth lags behind El Salvador at 9.2 per cent and Guatemala at 5.8 per cent, though it contrasts with Mexico, where remittance inflows declined by 0.6 per cent.

Remittances, which represent cash transfers sent by Jamaicans living abroad to family and friends at home, account for approximately 15.3 per cent of the country’s gross domestic product, based on the latest available data. The sector recovered further after the disruption of delivery channels following the passage of Hurricane Melissa six months ago.

Two-thirds of remittances came from the United States, some 12 per cent of remittances came from the United Kingdom, 8.0 per cent from Canada, and 6.4 per cent from the Cayman Islands. Other countries contributed the balance.

Looking at the sector from an annual basis, the number of active locations fell to 442 in 2025 from 492 a year earlier. The contraction reflected a rise in licences relinquished or revoked – to 133 in 2025 from 83 in 2024 – compounded by a rise in locations voluntarily closed, from 49 to 66.

luke.douglas@gleanerjm.com