EC$2.7 million reduction in remittances for 2023

by Linda Straker

• 2 money transfer companies licenced under Money Services Businesses Act
• Remittances flowing into Grenada in 2023 through money transfer operators total EC$57.5 million
• 2023 GARFIN report to be laid in Lower House Sitting on 18 December

Data comparison has shown a reduction of EC$2.7 million in money remitted to Grenada through money service businesses in 2023, compared to 2022.

“Based on data reported to GARFIN, total remittances flowing into Grenada in 2023 through the money transfer operators amounted to EC$57.5 million while total outflows amounted to EC$215.9 million. There was therefore a net inflow into the country of $158.4 million,” according to the 2023 annual report of the Grenada Authority for the Regulations of Financial Institutions (GARFIN).

In 2022 annual reports showed that the remittance inflow was EC$161.1 million while the outflow increased to EC$55.2 million. In 2021 the inflow was EC$176.5 million while the outflow was EC$45.9 million.

With the inclusion of the remittances for 2023, the data at GARFIN shows that for the 7-year period of 2018 to 2023, total remittances flowing into Grenada were EC$946.8 million, with 2021 being the record-breaking year of EC$176.5 million. Since 2021, remittances have been reducing.

At 31 December 2023, there were 2 companies licenced to conduct money transfer activities in Grenada under the Money Services Businesses (MSB) Act CAP 198A. MSB operators are subject to GARFIN’s regulatory procedures including both offsite and onsite supervision as all other regulated entities. In 2023, supervisory procedures focused on enhanced offsite monitoring.

GARFIN is charged with the responsibility of regulating and supervising the non-bank financial sector in Grenada with the primary objectives of ensuring the protection of financial consumers, the well-being of regulated entities and the maintenance of financial stability.

In accordance with Section 25 of the GARFIN Act CAP 125A of the Continuous Revised Edition of the Laws of Grenada, and Section 243 of the Public Finance Management (PFM) Regulations, GARFIN must submit an annual report and audited financial statements for the previous financial year (2023) to the Minister for Finance and the Minister shall cause a copy of this report to be laid before Parliament.

The 2023 report is scheduled to be laid in the Lower House Sitting on 18 December 2024.