VM Building Society

Name

VM Building Society

Legal name

VM Mutual Building Society

Website

https://vmbuildingsociety.myvmgroup.com

Company type

Private

Founded year

1879

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Building Societies (Mutual Mortgage/Retail Banks) (FSABAEAE)

Keywords

• Mutual building society
• Retail mortgage lending
• Consumer deposit accounts
• Foreign exchange services
• Visa credit card products

Headquarters

HQ city

Kingston

HQ country

Jamaica

HQ region

Latin America

Offices22 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income - Mortgage Lending: Primary revenue stream from mortgage lending including First Time Home Buyer mortgages, iSave4Home mortgages, residential mortgages, construction loans, home equity loans, and commercial mortgages. Interest rate spreads between deposit and lending rates generate core income.
2. Interest Income - Consumer Lending: Revenue from auto loans (Drive Auto Loan), personal loans (secured and unsecured), cash secured loans, and credit cards. Competitive rates offered with fast turnaround times.
3. Interest Income - Deposit Accounts: Interest earned on savings accounts, term deposits, iGain Certificate of Deposit, iSave accounts, and business operating accounts across JMD, USD, CAD, and GBP currencies.
4. Foreign Exchange Trading: Revenue from buying and selling foreign currencies (USD, GBP, CAD) at competitive rates. Services offered to individuals, MSMEs, and corporate clients through branches, Money Express stores, and online platforms.
5. Credit Card Operations: Income from VM Visa Gold and Platinum credit cards including annual fees, interest charges on balances, and transaction fees. Interest rates range from 39% to 42% depending on card tier.
6. Fee Income: Various service fees including processing fees on loans (ranging from 1.5% to 3% plus GCT depending on product), wire transfer fees, and other banking service charges. Many day-to-day transactions offered at no or low cost as a mutual benefit.
7. Insurance Commission - Canopy Family Plan: Commission revenue from referring members to Canopy Family Plan insurance product (affiliate), which offers life insurance coverage up to $1.5 million with premiums starting at $380 per month.

Pricing tiers

Go-to-market motion2 records

Distribution channels14 records

Marketing channels10 records

Core offering

VM Building Society is a Jamaican mutual financial institution offering deposit accounts, residential and commercial mortgage lending, consumer and auto loans, Visa credit cards, foreign exchange trading, and international money transfer services to individual consumers and businesses. Operations are delivered through 16 branches, 25+ ABMs, Money Express stores, and digital channels (VM Express Online, mobile app, VM Assist, mortgage and loan portals), with diaspora support through overseas representative offices in the US and UK.

Product overview

VM Building Society operates as a Jamaican mutual financial institution offering a comprehensive suite of banking and financial products organized around three core pillars: personal banking (deposits, mortgages, loans, credit cards, FX), business banking (operating accounts, corporate lending, investment services, payroll processing), and digital platforms (online/mobile banking, ABM network, self-service portals). The product portfolio centers on deposit accounts (Save2Grow, Money Maker, iSave Suite with iSave/iSave for Home/iSave Long Term, iGain, Bridal Registry, Premier Club), mortgage products (1st Home Mortgage, iSave for Home Mortgage, Home Equity Loan, Construction Loan, Disaster Recovery Loan), consumer lending (VM Drive Auto Loan, Cash Secured Loan, Unsecured Loan), and business solutions (Corporate Lending, Investment and Treasury, Pension Fund Management, Property Services). Credit card offerings include VM Visa Gold and VM Visa Platinum (personal) and VM Visa Platinum Business Credit Card. Digital access is provided through VM Express Online, VM Express Mobile App, VM Assist, VM Mortgage Portal, Consumer Loans Portal, and Express 24 ABM network with 21+ locations. The institution also provides insurance (Canopy Family Plan) and international money transfer services (VMTS). VMBS operates 16 branches islandwide plus representative offices in New York, Florida, and the UK, with full foreign exchange services in USD, GBP, and CAD.

Differentiator

Problem solved

Functional benefit

Brands

• VM Express: Online and mobile banking platform for personal and business account access, transfers, bill payments, and FX trading.
• VM Assist
• iSave Suite
• VM Drive Auto Loan
• VM Premier Club
• VM Money Transfer Services (VMTS)
• Express 24 ABM
• My Rewards by Visa

Products and services

• Save2Grow Student Savings
• Money Maker Long-Term Savings
• VM Bridal Registry Savings
• VM Premier Club
• iGain Fixed Deposit
• iSave Suite Savings
• 1st Home Mortgage (First Time Home Buyer)
• iSave for Home Mortgage
• Home Equity Loan
• Residential Mortgage
• Construction Loan
• Disaster Recovery Loan
• VM Drive Auto Loan
• Cash Secured Loan
• Unsecured Personal Loan
• VM Visa Gold Credit Card
• VM Visa Platinum Credit Card
• VM Visa Platinum Business Credit Card
• VM Foreign Exchange Trading
• VM Money Transfer Services (VMTS)
• Business Operating Account
• Corporate Lending
• Investment and Treasury Services
• Pension Fund Management
• Property Services
• Canopy Family Plan Insurance
• VM Express Online Banking
• VM Express Mobile App
• VM Assist Self-Service Portal
• VM Mortgage Portal
• Consumer Loans Portal
• VM Account Online Onboarding Portal
• Express 24 ABM Network

Quantifiable outcome

• Up to 100% financing available for auto loans
• +8 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Canopy Insurance (Canopy Family Plan)coreGTM or Marketing PartnerVM Building Society partners with Canopy Insurance to offer the Canopy Family Plan, an affordable life insurance solution covering members and up to 5 eligible family members with premiums starting at $380/month and coverage up to $1.5 million. VM promotes this insurance product to its members as part of its comprehensive financial wellness offerings.
• BCIC (Brokerage and Insurance Consultants)supportingOthersBCIC is VM Building Society's affiliate company handling catastrophe insurance claims. Members impacted by Hurricane Melissa can complete Catastrophe Claim Forms through BCIC to initiate the claims process for damaged mortgaged properties.
• VM FoundationcoreStrategic or Co-development PartnerVM Foundation is a related entity that works with VM Building Society on corporate social responsibility initiatives. The Foundation undertakes community outreach in education, parenting, sports, youth and community development. During Hurricane Melissa, the Foundation activated its Emergency Relief Fund for hardware, food, medical and essential supplies.
• CarilendsupportingGTM or Marketing PartnerCarilend is an online lending partner offering unsecured loans up to $3,000,000 through VM Building Society's digital access points. The partnership provides members with fast loan turnaround and accessible borrowing options.
• Multilink NetworksupportingTechnology or IntegrationVM Building Society debit cards (Express 24) can be used fee-free at any point of sale terminal and ABM on the Multilink network across Jamaica, extending the company's service accessibility beyond its own ABM network.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Scotiabank Jamaica: Canadian-headquartered international bank with substantial Jamaican retail and commercial operations. Overlaps with VMBS across the full banking suite but operates as part of a global network with materially greater capital, technology investment, and product breadth.

Direct peers

• JN Bank (Jamaica National): Member-owned cooperative bank in Jamaica providing savings, loans, mortgages, and remittance services. Structurally the closest peer to VMBS due to its mutual/cooperative ownership model and member-first proposition, competing head-to-head in Jamaican retail banking.
• JMMB Bank Jamaica: Jamaican bank and financial group offering savings, loans, money market, and investment services to retail and corporate customers. Competes with VMBS for Jamaican deposits and consumer lending, with a stronger investment management orientation.
• Sagicor Bank Jamaica: Diversified Jamaican financial group offering banking, insurance, and investment products to consumers and businesses. Competes directly with VMBS across deposits, mortgages, and credit cards, with added insurance capabilities similar to VMBS's Canopy Family Plan partnership.
• First Global Bank: Jamaican commercial bank serving retail, SME, and corporate clients with deposit accounts, consumer loans, mortgages, and FX services. A near-substitute peer for VMBS in Jamaican retail and small business banking.
• National Commercial Bank (Jamaica): Jamaica's largest commercial bank offering retail deposits, mortgages, consumer loans, credit cards, and corporate banking. Directly competes with VMBS for Jamaican retail and SME customers across an overlapping product suite, with significantly greater scale and capital base.

Regional players

• Heartland Building Society (New Zealand): Mutual building society operating in New Zealand with a similar cooperative ownership structure, member-first value proposition, and product focus on mortgages and savings. Useful structural and operational benchmark for VMBS's mutual model outside Jamaica.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/myvmgroup
• YouTubeyoutube.com/channel/UCsYyupyfzF5obSbyZ1XSA3w
• Facebookfacebook.com/myvmgroup
• Instagraminstagram.com/myvmgroup
• LinkedInlinkedin.com/company/victoria-mutual-group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VM Building Society