Jamaica's February remittance inflows climb 3.8% to US$247.6 million, strongest gain since 2022

Net remittance inflows to Jamaica climbed to US$247.6 million in February, a 3.8 per cent gain on the corresponding month of 2025 and the strongest February increase recorded since 2022, when the sector expanded by 5.8 per cent. The figures are drawn from the most recent remittance bulletin published by the Bank of Jamaica.

The central bank attributed the February uplift mainly to stronger gross inflows, with a slight easing in outbound transfers also contributing to the net result.

On a year-to-date basis, remittances flowing into the island reached a record US$542 million for the January-to-February window of 2026, lifting the cumulative inflow 4.2 per cent above the same two-month stretch a year earlier.

Within the wider region, Jamaica's pace trailed El Salvador, where inflows expanded by 9.2 per cent, and Guatemala at 5.8 per cent. Mexico moved in the opposite direction, with remittance receipts contracting by 0.6 per cent.

Remittances — money wired home by Jamaicans overseas to relatives and friends — account for roughly 15.3 per cent of national gross domestic product on the latest available reading, underscoring the channel's weight in household finances.

The February numbers also point to continued normalisation in the payment network six months after Hurricane Melissa disrupted cash-transfer routes across the country.

By origin, the United States supplied two-thirds of the February inflows. The United Kingdom accounted for about 12 per cent, Canada delivered 8.0 per cent and the Cayman Islands sent 6.4 per cent. The remainder was spread across other source markets.

Viewed on an annual scale, however, the footprint of the industry continues to shrink. Active remittance locations fell to 442 in 2025, down from 492 in 2024. The drop was driven by 133 licences either surrendered or revoked last year — up from 83 the year before — alongside an increase in voluntary closures, which rose from 49 to 66.