Caribbean Finance Blog: Top-Ten Money & Finance News of 2024
Here are stories you might have missed in 2024.
BY MELISA BOUTINCARIBBEAN FINANCE
The financial landscape in the Eastern Caribbean Currency Union (ECCU) is changing in big ways. 2024 saw the advancement of a region-wide credit reporting system, youth financial education program launches in two member countries, and the relaxing of identity verification requirements for banking.
On the Eastern Caribbean Stock Market front, the ECSRC slapped Cable & Wireless St. Kitts & Nevis Ltd with a 6-figure fine and warned against investing with Prospuh while the ECCB's Governor announced a $500 minimum investment for regional government securities.
And most importantly, in 2024 consumer finance news, were the Republic Bank debacle and assurances from Anguilla’s Premier that Republic Bank customers would receive full reimbursements.
The list below represents ten of the most important money & finance news stories of 2024.
1. Credit Reporting Starts in the ECCU
Cable & Wireless (St. Kitts & Nevis) Limited’s regulator, the Eastern Caribbean Securities Regulatory Commission (ECSRC), fined the company $100,000 for failing to comply with ongoing disclosure requirements of the Securities Act. When a publicly traded company breaches securities laws, shareholders should take notice. See the Notice of Fine on ecsrc.com.
2. Digital Financial Literacy is Very Poor in the ECCU
While most of the survey respondents shared that they “rarely share passwords with friends or post finances publicly online”, less than 20% of them verify whether online providers are regulated. 40% of them “rarely or never” change their online passwords. Awareness about ECCB’s Central Bank Digital Currency, DCash, was also low – only 20% of respondents were aware of DCash.
3. $500 Minimum for RGSM Investments Coming Soon
With the minimum investment to bid on government treasury bills set at $5,000, it’s no surprise individuals participate in the Regional Government Securities Market (RGSM) at a rate of 2%. To encourage more participation in the Eastern Caribbean Stock Market ECCB’s Governor announced that the Monetary Council moved to reduce the threshold to $500. Learn more about this change on Now Grenada.
4. Republic Bank Delayed Debits Impact 12,112 People
Over 12,000 customers in Anguilla, Dominica, St Kitts & Nevis, Saint Lucia, and Saint Vincent and the Grenadines were hit with large withdrawals from their bank accounts, in April 2024. ECCB Governor Timothy Antoine described Republic Bank's actions as "downright unsatisfactory" and ordered an independent audit of the bank in May. Since then, Christmas has come and gone without an update and many Republic Bank customer accounts are still in the red. Read more on this story at Winn Media SKN.
5. SKN Launches Youth Financial Education & Savings
St. Kitts & Nevis launches the first national financial education and government-funded savings and investment program for youth in the ECCU. ASPIRE, short for Achieving Success Through Personal Investment, Resources and Education, promises to give young citizens of the country the skills, knowledge, and seed money for long-term financial success. In December 2024, the program had enrolled 3,000 students reports the St. Kitts & Nevis Observer.
6. ECCU Consumer Financial Protection In the Works
Banking in the ECCU can feel like an extreme sport. While consumers expect financial institutions to take great lengths to ensure their fee systems are fair and accurate and debit card transitions process quickly, bank fees continue to rise and glitches are becoming far too common. The ECCB now has approval to amend existing law to incorporate consumer financial protection. Read the full story on St. Lucia Times.
7. ECCB Governor Announces One-ID Bank Accounts
Getting two forms of photo identification can be a major feat for youth, the elderly, the disabled and migrants. This reality makes the formal banking system inaccessible to vulnerable residents in the ECCU. To reduce these barriers, the ECCB collaborated with commercial banks and credit unions to streamline ID requirements. With one photo ID, consumers can open a basic bank account, without minimum fees or minimum balance requirements. See more on the announcement on Winn Media SKN.
8. Financial Education by Liberty CCU & Anguilla Gov
Liberty Co-operative Credit Union, Anguilla’s only credit union, partners with the Anguilla government to bring digital financial literacy programming to the country’s primary schools. Through this initiative, students will build positive financial habits, increase their financial literacy, and become financially empowered. Get more on this on Anguilla Focus.
9. The ECSRC Warns Consumers Against Prospuh App
The Prospuh app allows you to invest in global capital markets from the Caribbean. Even though all eight (8) ECCU countries are listed on Prospuh's country list, the app is not registered nor licensed to conduct securities business under the Securities Act of the respective ECCU member countries. The Eastern Caribbean Securities Regulatory Commission cautioned ECCU residents against Prospuh’s unlicensed securities business operations in a warning notice published on its website.
10. Anguilla Premier Announces Republic's Refund
Back in June 2024, Dr. Ellis L. Webster, the Honourable Premier of Anguilla, shared the steps Republic Bank (EC) agreed to take to resolve the fallout from its large withdrawals from customers' accounts due to years-delayed transactions. One of the key steps: a full reversal of the delayed debits applied to customers' accounts. Review the official statement on the Anguilla Government Facebook page.
Melisa Boutin is a financial educator, Chartered Financial Consultant, student loan guide author and founder of digital financial education startup Your Money Worth. See Melisa's Full Bio.
About the Author
Melisa Boutin, CFEI, ChFC
Founder of Your Money Worth
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