The analyst concluded, “Overall I don’t see any serious challenges, as it seems the AFSL owners and Sagicor have arrived at an agreement and they are pursuing the normal regulatory approval process which is common with all acquisitions of financial service operators.”

Sagicor indicates that it has already approached the central bank for cambio and remittance licences. Information from the Jamaica Money Remitters Association is that each agent location must be approved, and the time for approval ranges between 90 days to six months as the BOJ does its checks.

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