by Linda Straker
- As of 31 December 2022, GARFIN provided oversight to 176 non-bank financial institutions
- Total remittances for last 5 years was EC$788.4 million
- 2022 GARFIN report submitted to Finance Minister in November 2023, not yet laid in Parliament
A review of the annual reports of the Grenada Authority for the Regulations of Financial Institutions (GARFIN) for the past 5 years has shown that the total remittances received for the period was EC$788.4 million. Most remittances were sent into the country in 2021, while 2018 recorded the most amount of money sent out of the country.
Based on data reported to GARFIN, total remittances flowing into Grenada in 2021 through money transfer operators amounted to EC$176.5 million, while the outflow for that same year was EC$45.9 million.
In 2022, the remittance inflow reduced to EC$161.1 million while the outflow increased to EC$55.2 million. In 2020, the year for the start and height of the Covid-19 pandemic, the inflow or money sent in was EC$153 million while the outflow or money sent out was EC$47 million.
In 2019, the inflow was EC$151.9 million and the outflow was EC$55.2 million. For 2018, the inflow was EC$145.9 while the outflow was EC$57.4 million — the most amount of money sent out in the 5-year period.
| Year | Inflow (EC$) | Outflow (EC$) |
| 2022 | 161.1 million | 52.7 million |
| 2021 | 176.5 million | 45.9 million |
| 2020 | 153 million | 47 million |
| 2019 | 151.9 million | 55.2 million |
| 2018 | 145.9 million | 57.4 million |
| Total | 788.4 million | 258.2 million |
The 2022 GARFIN report, available on its website, was submitted to Finance Minister Dennis Cornwall in November 2023, but that document is yet to be laid in Parliament.
“Minister for Finance shall cause a copy of this report to be laid before Parliament,” said the report which outlined the achievement of the Authority for the year 2022. The Mission of the Authority is to promote and maintain public confidence in, and the integrity of, the financial system in Grenada through the effective regulation and supervision of designated non-bank financial institutions.
According to the report, during 2022, the non-bank financial institutions in the Eastern Caribbean Currency Union (ECCU), credit unions recorded another year of growth in the key performance areas such as total assets, deposits, loans and capital while maintaining the required benchmark for liquidity of a minimum of 15% of total unencumbered deposits.
“GARFIN continued to work steadfastly with all regulated entities to strengthen performance in key areas such as capital adequacy, governance, the quality of financial operations, compliance and strategic direction,” said the report.
As of 31 December 2022, GARFIN provided oversight to:
- 10 credit unions and an Apex Body with total consolidated assets amounting to $1.3 billion
- 26 insurance companies with total consolidated assets amounting to $519.8 million
- 45 active pension fund plans with total assets amounting to $277 million
- 2 money transmission businesses
- 7 micro-lending businesses
- 1 development bank with assets amounting to $113.7 million
- 1 building society with assets amounting to $17.9 million
- 77 school savings unions with total savings amounting to approximately $2 million
- 7 functional friendly societies
