Finance

Montserrat’s first indigenous commercial bank, the Bank of Montserrat is optimistic about its future prospects and the continued development of Montserrat. Chairperson Venita Cabey says the Bank’s strategic priorities include enhancing digital banking services and customer experience, and supporting economic development through responsible lending. The bank says it is also committed to improving operational efficiency, investing in employee development and succession planning, strengthening risk management and compliance frameworks, and delivering sustainable value to shareholders and stakeholders. Mrs. Cabey, speaking at the Annual General Meeting, stated that as Montserrat continues to advance its development agenda, the Bank stands ready to play its role as a trusted financial partner in supporting growth, investment, and financial inclusion across the island. She says the 2025 financial year was characterised by continued global economic uncertainty, evolving monetary conditions, and moderate but persistent inflationary pressures. Within Montserrat, economic activity continued to expand, although at a more moderate pace than in previous years. According to the ECCB’s Annual Economic and Financial Review, real economic growth was estimated at 2.4% in 2025, following growth of 3.6% in 2024. Economic activity continued to be supported by public sector investment, construction activity, wholesale and retail trade, and major infrastructure developments. Construction remained a key driver of growth, expanding by approximately 10%, supported by the new National Hospital, social housing initiatives, and utility infrastructure upgrades. Inflation also fell from 4.5 per cent to 1.7 per cent.

The Commissioner of Financial Services (FSC) of Montserrat paid a recent courtesy visit on the superintendency of the Banks of Panama, Milton Ayon Wong and his technical team. Fabian Singh was accompanied by his deputy, Donilia Cuffy to the meeting in Panama City. Both Singh and Wong formalized a revised Memorandum of Understanding (MoU) to strengthen the joint supervision of licensed international banks. This collaborative framework ensures alignment with regional Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regimes. During courtesy engagements in Panama City, representatives from both entities—including FSC Commissioner Fabian Singh and Panama’s banking regulators—discussed critical regulatory objectives. The updated MoU strengthens prudential and financial oversight frameworks between the two jurisdictions. Discussions highlighted Montserrat’s Publicly Accessible Register of Beneficial Ownership (PARBO) and Panama’s ongoing advancements in corporate transparency. Both agencies are preparing for upcoming Financial Action Task Force (FATF) and Caribbean Financial Action Task Force (CFATF) Mutual Evaluations. Also, during the meeting, both authorities (Singh and Wong), exchanged experiences and addressed issues of common interest related to banking supervision, financial transparency, and international regulatory challenges. The meeting highlighted the importance of cooperation and sharing of experiences between he regulatory bodies of Panama and Montserrat, and strengthening institutional bonds for for the benefit of the stability and integrity of their financial systems.