by Linda Straker
- Net inflow of remittances for 2024 was $156.2 million
- Remittances have been decreasing since 2021
- 2 licensed money transfer companies and 7 licensed micro lending companies
The amount of money sent to Grenada through 2 money services businesses has registered a reduction according to the 2024 report of the Grenada Authority for the Regulation of Financial Institutions (GARFIN).
“Based on data reported to GARFIN, total remittances flowing into Grenada in 2024 through the money transfer operators amounted to EC$215.7 million, while total outflows amounted to EC$59.5 million. There was therefore a net inflow into the country of $156.2 million,” said the repor,t which will be tabled in the parliament on 20 January during a sitting of the Lower House.
The outflow for 2024 is approximately EC$2 million less than what was transacted in 2023. “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,” said the 2023 annual report.
In 2022, annual reports showed that remittance inflows were EC$161.1 million, while outflows increased to EC$55.2 million; in 2021, inflows were EC$176.5 million, while outflows were EC$45.9 million.
With the inclusion of the remittances for 2024, the data at GARFIN shows that between 2018 and 2024, the total amount of remittances flowing into Grenada was EC$1,162 million. According to the data, remittances have been decreasing since 2021.
As at 31 December 2024, there were 2 companies licensed to conduct money transfer activities in Grenada and 7 companies licensed to conduct micro lending activities. These were all licenced under the Money Services Businesses (MSB) Act CAP 198A. MSB operators are subject to GARFIN’s regulatory procedures, including both off-site and on-site supervision, as all other regulated entities. In 2024, supervisory procedures focused on enhanced off-site monitoring, while one onsite inspection of a micro lending entity was conducted.