Back in February, Ms. Kei-Retta Farrell, Head of the Montserrat Government UK Office (MGUKO), had the honour of speaking at the Lloyds Bank British Overseas Territories Conference 2025. She joined a distinguished panel alongside representatives from the Cayman Islands, Ascension Island, and the Falkland Islands, discussing retail banking in the Overseas Territories.
Ms. Farrell used this platform to highlight the unique banking challenges Montserrat continues to face. With just one commercial bank operating on the island, individuals and businesses have limited access to essential financial services. This lack of competition—compounded by the departure of major international financial institutions—makes it more difficult to attract investment, promote economic diversification, and sustain key sectors such as tourism, agriculture, and renewable energy.
She also addressed international banking barriers, which create delays and restrictions in cross-border financial transactions, ultimately slowing Montserrat’s economic progress and integration into the global market.
Importantly, the discussion was not only about the challenges. The panel explored real solutions, including:
These steps are vital for unlocking Montserrat’s economic potential and ensuring the island is not left behind in the evolving global financial landscape.
Ms. Farrell extended her thanks to Matt Pendrey and Keval Parshotam of Lloyds Bank for the opportunity to spotlight Montserrat in such an important forum. She emphasised the need for ongoing dialogue and collaboration to ensure equitable access to financial infrastructure across all Overseas Territories.
MGUKO looks forward to continuing this work and advocating for a stronger, more inclusive financial future for Montserrat.
