The Bank of Jamaica says in 2023, some 212 applications were processed for money service businesses.
The central bank says 166 new applications were received, from seven remittance entities and six cambios.
Forty-six applications were carried over from the previous year.
The BOJ says the processing of 27 applications was discontinued due to the failure of the applicants to satisfy the Bank's eligibility requirements.
Thirty applications were withdrawn by the applicants.
Of the remaining 155 applications which met the criteria for processing, 140 were approved, while 15 were being processed as at the end of December 2023.
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