Page 40 - Neal and Massy Holdings Annual Report 2012

38 2012
N&M Remittance Services Limited increased the size of its network with
the addition of a MoneyGram branch at the newly-launched Diskomart
in Arouca. The new branch will tap into a new market segment at the
high-traffic location in Arouca.
by its largest customers as well as the addition of new partners
entering the programme. The Trinidad and Tobago operations
grew substantially over the previous year due to additional loyalty
processing opportunities set up early in the year. Barbados continues
to show moderate growth in a mature loyalty market, particularly
where, the retail sector has experienced anaemic growth.
During the year, a decision was taken to exit the Magna Eastern
Caribbean markets where sufficient critical mass does not exist to
sustain our businesses. However, there are still some residual points
to be awarded to Magna cardholders, and we expect to fully exit
by the end of fiscal 2013.
Medicard Limited (Medicard) is the issuer of a combination
discount card offering both medical and retail discounts from
merchants within Trinidad and Tobago. The company performed
creditably for the year and enjoyed steady growth in its Discount
Provider Network, featuring 260 merchants nationwide with a
cardholder base of approximately 63,000 members. In 2012,
Medicard has maintained its major corporate partnerships and
secured a new partnership agreement with Sagicor General. To
sustain growth and build on its existing product to ensure the
company’s continued success, management has actively pursued
various measures for card conversion.
A review on the performance of NM Services Limited in Guyana
is discussed on page 47 of this report, together with the other
companies in the Guyana group.
INTEGRATED RETAIL: CONSUMER FINANCE LINE OF BUSINESS