"Jamaica taught me how adapt to any condition.Cayman has allowed me to achieve my goals," said Delroy Howell,a captain of the money transfer industry.Up Front
Delroy Howell has reached thetop
"Jamaica taught me how adapt to any condition.Cayman has allowed me to achieve my goals," said Delroy Howell,a captain of the money transfer industry.
"We are the bankers for the unbankable.We are sticing to the 'small people' we are a very successfulcompany. If something is not broken... why fix it," he continued.
Pictured, Mr. DelroyHowell
Though he will not admit it, Delroy hasproperly reached to a comfortable financial status and he hasaccomplished all this before he hi 30th birthday. He owns a thrivingbusiness, but that's not what separates him from the crowd ofvery successful people here in Cayman. Along with wife, Maggie,he has founded a money transfer company that has offices throughoutthe world, seven of which hey own. That company is Quik Cash.
Delroy Howell, Presidentand CEO of First Financial Caribbean Holdings Ltd., (right) withguests at a recent employee and customer appreciation functionin Grand Cayman. (l-r) Godfrey Bowen, Managing Director, CaymanRepairs & Appliances; Mrs. Ellen Eden, Mr. Anthony Eden, J.P.,former Minister of Health & Drug Prevention and current Memberof the Legislative Assembly.
Below: Delory andhis wife Maggie celebrate Christmas 2000.
Delroy'sjourney to success has been calculated through lots of hard work.
When he was a mere lad of 16-year Delroyarrived on the shores of Grand Cayman with his mother BarbaraMartin, who worked at the Holiday Inn.
He spent a year in the Cayman Islands High-Schoolthen it was off to university in Cumberland, in Georgia. He workedat Barclays' Bank for a time. And after he earned his bachelordegree he was hired at Bank of Bermuda. Later, he was recruitedby Lisa Ach to work for British American Bank.
This is where Delroy's rise to stardom started.Just about that time British American Bank was setting up a money-transferwhere he was instrumental in starting that company as well asits growth market.
But a sitation happened on a Christmas Evewhere the bank closes its doors are 12 noon as it is the commonpractice locally and that was a defining moment in Delroy's lifeand career.
"In 1994 they closed the doors in themiddle of everything, turning people awa, which put a damper onsome people's Christmas. That time of the year people are, lookingforward to getting the money to feed their families, or if someoneis sick we don't know the situation. Plus it is the busiest timeof the year. What made it worse as the bank was not going to openuntil the following Wednesday," he explained.
"I called some of my friends in Jamaicaand made arrangement to assist as many people as I could,"he said.
Shortly after that Delroy left British AmericanBank to return o university. But he says that people would stophim on the road and telling him he was needed.
"I saw the need for financial servicesbusiness here in Cayman because it was an untapped market,"he added.
Shortly after that, the idea for Quik Cashwasconceived.
He called around. First checking with MoneyGram,but was turned down because the management 'could not see thegrowth potential'. He admits that he was very dejected and hadit not been for wife, Maggie, he might have given up.
Maggie looke around and found Ria Express.I called the president and he basically told me the same thing.But I continued talking to other people in that business in particularthe vice-president Carlos Reveria, who flew down to look us over.
"We didn't have an offce three hoursbefore he was due to arrive. I was driving around town and sawa space. I called the building owner and asked her if the spacewas available. She said she was going to use the space for something,but she would think about it. She called meback in half-hour andtold me I could have the office. We painted it and bought furniturejust a couple of hours before he arrived. In fact, the officestill smelled of painted," he said.
Mr. Reveria took a chance on Delroy andhis ideas. And the rest i history- Ria Express in Cayman was started.
The first day of operation there were notransfers. The second day, one of his faithful clients who remembershow he assisted her at the other company, during the ChristmasEve situation, made the first money ransfer.
"I will never forget that name - AliceWeire," Delroy said.
By the end of the week Delroy and his littlemoney transfer company was on its way with only seven transfers.A week later they were up 50 transfers.
However, Delroy was not ready t settle forbeing a franchise owner. So after much soul searching, and planningDelroy and a local group formed Quik Cash.
"We had to switch to Quik Cash, becausevarious operational issues were becoming a major problem - demographics,language barriers culture and revenue," he explained.
"You have to maximise your revenueand it was our aspiration to be another Western Union, not asbig, but as profitable," he said.
"We are the giants around now, by gettingpeople to buy our franchise. We have seen rowth in revenue, ouroperational issues are right on target and money-laundering issuesare within our control. When you own the business you know whatgoes on; you set the system and the balances in place," hestressed.
"Money transfer is always under crutinybecause of the connotations. I have personally worked extremelyhard to make sure there are regulations in place for the moneytransfer business. One thing that has endorsed us in this businesshere is our policy -- 'to know our customers'. On a Fiday we knowwho is going to walk through the door and what time - that isgood thing about that," he clarified.
Now Quik Cash has expanded to checking cashservices, financing, and Quik Care a health insurance in partnershipwith Cayman General
"With he economy in Cayman it is bestto diverse and divest and expand into other locals - you don'twant to depend too much on one market and that is why we havetaken the initiate to expand outside of Cayman," he said.
What is next for Delroy's conglomerate?-a public offering
"This is my ultimate goal. I am onethat likes for everyone to share in my success in whatever I do.This will give everyone a chance to be a part of it," hesaid.
But he warns that the Jamaican populationare the people that spendthe money in the Cayman Islands, "Wehave to be careful of what we do to effect a certain geographicallyarea by not issuing work permits and stuff like that."
"Jamaicans, have a lot of spendingpower here in Cayman, he stressed.
"Amongst things that I an attributeto my success is my Christian belief, which has helped to keepme grounded and to give back to the society," he concluded.