Finance

Citizens and businesses in Montserrat and across the other Eastern Caribbean Central Bank (ECCB) member states are to benefit from a strategy which aims to address gaps in how they access and use financial services across the Eastern Caribbean Currency Union (ECCU). The ECCB has partnered with the United Nations Capital Development Fund to prepare the draft ECCU Financial Inclusion and Literacy Strategy. It focuses on building awareness and removing access barriers, particularly for under-served groups such as micro-entrepreneurs. Shanette Shaw-Archibald, Project and Technical Assistance in the Governor’s Office, explains that at its core, the strategy is really about making everyday financial life easier for individuals and businesses, explaining that individuals would see benefits such as improved access to credit, savings, and even investment opportunities, and digital financial payment tools. Shaw-Archibald said businesses, on the other hand, would see benefits such as better support to go digital, better support or even access to financing, and to grow their business with confidence. The Project and Technical Assistance in the Governor’s Office said, overall, the strategy is really about helping people to feel more confident and comfortable while using financial services and understanding and building trust with the financial system. The ECCB has been working with key groups across the ECCU to ensure the Financial Inclusion and Literacy Strategy meets the needs of the people of the currency union. Shaw-Archibald shared that the strategy was shaped by considering all stakeholders, from consumers to fintech companies and financial institutions, to build it. She stated that from the beginning, the strategy was shaped around listening to the people that it’s about to serve. Shaw-Archibald said that among others, they also met with PennyPinch in St. Lucia and Serra in Montserrat because they wanted to make sure that their feedback and their real-life experiences really shape and guide how the bank would fill the gaps to really resolve the problems for the people of the currency union. The strategy will work alongside other ECCB efforts, such as the establishment of the Office of Financial Conduct and Inclusion, which is expected to be fully operational by the end of 2026, and the introduction of basic bank accounts with no maintenance fees to improve accessibility. Meantime, in related news, small and medium-sized enterprises (MSMEs) in Montserrat and other Small Island Developing States (SIDS) face significant financing barriers due to limited collateral, high transaction costs, and extreme vulnerability to climate-related shocks. It is against this background that on the most recent episode of ECCB Connects, Shana Derrick, Communication Officer (Ag) in the Corporate Relations Department, discussed with the CEO of the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC), Carmen Gomez-Trigg, about how this entity is changing the financial landscape to help turn business potential into real opportunity across the Eastern Caribbean Currency Union. Gomez-Trigg uses statistics to demonstrate the ECPCGC’s pivotal role for small businesses in the region. She quoted that from December 2025, they have done over 300 loans to a loan value of 30 million EC dollars across the six islands, noting it as a valuable achievement, because it means that people, some of whom would not normally have access to loans at all, because they didn’t have the collateral or other requirements, are now able to get funding to grow their businesses. The CEO of the ECPCGC explained that they are meeting clients where they are, with five offerings to facilitate access to financing. Traditional commercial banking remains a primary source; these firms increasingly rely on multilateral development support and innovative “blue” or “green” finance. Blue finance is an emerging focus on sustainable ocean economies where investment is often driven by “trusted individual” networks. Green finance refers to investments, loans, and financial instruments (like green bonds) designed to support environmentally sustainable projects. The ECPCGC continues to work to fill the financing gap for small and medium enterprises across the wider ECCU.

A former chief economist with the government of Montserrat suggests that the island has a long policy road to travel given the shifting in global development trends. Canadian Raja Kadri says the elements of development are visible but Montserrat must chart a course that has a climate finance element in its mix of policy-making, and a clear path to get out of dependency from UK fiscal support. Mr Kadri says he has been keeping a keen eye on Montserrat, especially as it prepares to move from the Foreign Commonwealth and Development Office (FCDO) to the Treasury in January 2026. The former chief economist states that Premier Meade and the government of Montserrat has a tough road ahead but must remain focused. He urges Montserrat’s leader of government business to challenge conventional wisdom whenever he can, making a deal when the elements are aligned, and walking away when it serves no purpose. Mr Kadri calls on Premier Meade to be specific in his asking, but must also make sure that government is willing to cooperate when it serves the interest of Montserrat. The former chief economist advises that Premier Meade must keep an eye on the proverbial “sharks” that circle his government stating that this was, as he puts it, “Ceasar’s biggest blind spot.” Mr Kadri is impressing on the government to communicate as often as possible because people do not like secrecy. The former chief economist calls on the government to be consistent when communicating it vision, emphasizing that the opposite argument must be cut in half through lethal logic and response. Mr Kadri said government must keep an eye on the big picture while making sure that small things are also being done. He calls for a reaching across the aisle when needed, and involving others in the “One Montserrat Project.” Mr. Kadri’s main role in Montserrat was to provide economic advice and analysis to the Premier and the Cabinet as well as to oversee the development of an economic growth strategy for the government of Montserrat. His two-year tenure with the Government of Montserrat, spanned 2017 to 2019.

Senior officials from the Bank of Montserrat Limited recently joined regional financial leaders at the 2025 Annual General Meeting and Conference of the Caribbean Association of Banks (CAB), held from October 28 to November 1 in Trinidad. Representing the Bank were General Manager Mrs. Josephine George; IT Manager Mr. Winston Lewis; and Montserrat’s representative on the CAB Board, Mr. Cheddie Dulep, who serves as Director for the Eastern Caribbean and Barbados. The conference opened with a Sustainable Banking Roundtable, focusing on the sector’s evolving role in tackling climate change, advancing ESG principles, and promoting regulatory transformation. Concurrently, Republic Bank hosted a Small Business Workshop and Marketplace, where over 30 participants explored strategies to access finance, enhance digital capacity, and scale their businesses. On October 29, members convened for CAB’s Annual General Meeting, reviewing achievements, setting priorities for the new term, and electing the 2025–2026 Board of Directors. The day concluded with a Grand Opening Ceremony celebrating Caribbean banking excellence and innovation. Subsequent plenary sessions explored key themes shaping the financial landscape, including Banking as a Service, Cybersecurity, Relationship Banking, and Trade Finance Guarantees Later discussions examined digital transformation and sustainability, covering topics such as AI and low-code systems, intra-regional payments (CAPSS), sustainability standards (S1 and S2), and cybersecurity in the Caribbean banking industry. The event provided invaluable insights into emerging technologies, disclosure standards, and ESG integration, reinforcing CAB’s commitment to innovation and resilience in the region’s financial sector. The Caribbean Association of Banks Incorporated remains the collective voice of the Caribbean’s financial services industry, fostering collaboration, capacity building, and competitiveness across the region.