News
A National Credit Union to be established in TCI
#TurksandCaicos, April 3, 2023 – An initiative which has been talked about by both governments for many years is finally coming to light. A “National Credit Union”, could this be a potential breakthrough for financial freedom?
At last, residents of TCI will have the opportunity to compete in the rapid development of a booming economy in TCI.
The recent announcement by the minister of finance Hon. Jay Saunders, informed the public that his administration allocated $7M to seed fund a National Credit Union.
This was music to the ear of many business owners and local entrepreneurs who see this as an opportunity to either borrow funds to increase their working capital for needed projects or a jump start to a new business venture.
There are a number of benefits of having a local credit union membership. Unlike banks, credit unions are owned by the members they serve. This means that any profits can be given back to credit union members in the form of lower fees and higher savings rates, etc.
Also, since these are not-for-profit financial institutions, they can focus on providing better services for their member-owners. It also encourages ordinary people to come together for the financial betterment of their communities and their members.
Some of the great benefits are usually,
-Personalized customer service
-Higher interest rates on savings
-Lower fees
-Lower loan rates
-Community focus and a variety of other service offerings
To better understand why some may be head over heels with this announcement, one must understand some of the complexities and challenges that currently exist with banking services in TCI.
In a population of over 45K people, there are only three major community banks. First Caribbean International Bank, RBC Royal Bank and Scotia Bank Turks and Caicos Islands.
Residents in the Grand Turk, are still reeling from the sudden closure of a Scotia bank branch back in 2018. As one of the only two financial institutions that existed in the nation’s capital, this left hundreds of customers including many government employees high and dry.
This decision was not conducive to industrial and economic growth, and was a disservice to residents.
Apart from the inconvenience, I’m afraid to say, whilst offering quality and efficient services may be the goal of CIBC, it is certainly not one of their strengths. With the closure of Scotia bank branch, they missed an opportunity to step up to the plate.
With respect to the Credit Union proposed plan, it’s also important to remind residents there is a significant difference between allocated funds earmarked for a specific purpose, and that initiative ultimately coming to fruition.
A good example of that would be the proposed floating dock for Grand Turk, in which $1M was allocated towards this initiative. As we all know, that project is still looming in the balance.
Outside of government jobs, many residents are depending primarily on a tourism driven economy. We realized during the Covid-19 pandemic, this could be very fickle. With bank loans being tied directly to this arena, it could put lending institutions in a precarious position, which is one of the reasons they are often hesitant to take that risk.
In either case, the establishment of a local credit union is a noteworthy initiative. It will bring together like-minded businesses and influencers in this financial sector. In addition, it will be an added source of funds to help local businesses to not only survive but thrive.
Although I’m very optimistic about the Credit Union prospects, there is no victory lap yet. On the heels of the next election, we will need more then posturing. It needs to be a bipartisan initiative with resolve. This is what I would consider delivering for the people and in their best interest.
Ed Forbes,
Concerned citizen of GT
Providenciales, Turks and Caicos Islands – Commissioner of Police Fitz Bailey has been recognised for his contribution to national security and the tourism industry, receiving the Distinguished Civic Service Award at the Turks and Caicos Hotel and Tourism Association’s Star Awards held on February 19, 2026 at Beaches Turks and Caicos.
The annual awards ceremony is the premier recognition event for the territory’s hospitality sector, bringing together industry leaders,
executives and frontline professionals to celebrate excellence and the individuals whose work strengthens the destination’s global reputation.
Commissioner Bailey was honoured for his strategic leadership in the fight against crime and the measurable reductions in major offences, efforts widely credited with improving public confidence and reinforcing the Turks and Caicos Islands’ standing as a safe and competitive tourism jurisdiction.
In accepting the award, the Commissioner dedicated the recognition to the officers and staff of the Royal Turks and Caicos Islands Police Force, praising their commitment and professionalism in what he described as a collective national effort to make the islands more secure.
The TCHTA Star Awards spotlight the link between public safety and tourism performance, acknowledging that a stable and safe environment is essential to visitor confidence, investment and the continued growth of the sector.
This year’s ceremony featured high-energy hosting by Super P the Entertainer, with Omega serving as awards announcer, as the industry gathered to honour the people and partnerships that continue to elevate the Turks and Caicos brand.
Providenciales, Turks and Caicos Islands – Friday, 27 February 2026: Her Excellency the Governor, Dileeni Daniel-Selvaratnam, today announced the appointment of Mr. Darius E. Ferguson as a Member of the Integrity Commission Board, serving as the Chartered Accountant Member in accordance with Section 3(2)(a) of the Integrity Commission Ordinance. His appointment is for a period of three (3) years and follows consultation with the President of the Turks and Caicos Islands Society of Professional Accountants.
Mr. Ferguson, with family ties to Providenciales and South Caicos, is a Chartered Accountant with over twenty years of senior leadership
experience across aviation, finance, technology and consultancy, he brings a strong and diverse background in financial governance, regulatory compliance and strategic planning.
A former Chief Financial Officer of Sky Bahamas Airlines for a decade, Mr. Ferguson managed all financial reporting, regulatory engagement, capital projects and commercial development initiatives. He previously served in senior audit roles at both Ernst & Young LLP and PricewaterhouseCoopers LLP, leading high‑risk audit engagements and ensuring adherence to international financial and accounting standards.
Throughout his career, Mr. Ferguson has demonstrated a strong commitment to professional ethics, community leadership and organisational accountability. His experience across corporate governance, financial oversight, and operational risk management will bring valuable strategic insight to the Integrity Commission.
Her Excellency the Governor welcomed the appointment, stating:
“Mr. Ferguson’s extensive background in financial management, auditing and governance, together with his leadership experience across both corporate and community sectors, make him well‑suited to serve on the Integrity Commission. His appointment strengthens our ongoing commitment to integrity, transparency and accountability in public life. I am confident that he will make a meaningful contribution to the Commission’s important work.”
Providenciales, Turks and Caicos Islands – Friday, 27 February 2026: The Informal Settlements Unit (ISU), in collaboration with key government agencies, coordinated a multi-agency enforcement exercise on Thursday, 5 February 2026, at Block and Parcel 60503/17 in the Five Cays area.
The exercise was led by the Planning Department, pursuant to its statutory authority under the Physical Planning Act to address
unauthorised development. The ISU coordinated the operation, with support provided by the Crown Land Unit and the Turks and Caicos Islands Border Force, while the Royal Turks and Caicos Islands Police Force ensured security throughout the activity.
The enforcement action formed part of a Public Private Partnership initiative between the Turks and Caicos Islands Government and private landowners. The registered owners of the land would have sought the state’s assistance to issue copies of Section 58 Enforcement Notices on unlawful structures identified on the parcel. The subject parcel comprises approximately 25 acres extending across Millennium Highway.
During the exercise, a total of fifty-four (54) copies of the Enforcement Notice were issued on structures located on the parcel. Notices were affixed to structures and served on persons found to be occupying illegal developments.
The Informal Settlements Unit reiterates that these coordinated enforcement exercises form part of the Government’s ongoing efforts to uphold planning regulations, protect property rights, and promote orderly and lawful development. Persons undertaking construction are reminded that development without the requisite planning approvals is unlawful and subject to enforcement action.
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