TCI Financial Services Sector Poised for Sustainable Growth  

Providenciales, Turks and Caicos Islands – The Turks & Caicos Hotel and Tourism Association (TCHTA) led by Stacy Cox, CEO and members of the board held an open and constructive meeting with board members of the Turks and Caicos Bankers Association.

The discussion focused on inclusive and accessibility of banking services in the evolving needs of the community.  “As we continue to advocate for our members, it was important to share concerns which impact businesses, residents and overall service. The dialogue was positive and encouraging to hear strategic investments are in place to ensure that the financial sector keeps pace with the needs of our dynamic and growing economy,” share Cox.

The meeting was quite fruitful, with several updates provided by the Bankers’ Association on upgrades to key services including:

• Introduction of a Clearing System in TCI
• Same-Day Account Opening.
• Online Account Opening
• Queue Flow Digital System
• International Funds Transfer
• Digitalization Efforts Across All Banks.

The topic of ABMs/ATMs were also discussed, and key highlights included the need for continued public education campaigns focused on the benefits of treating the ABM/ATM with care as many malfunctions occur when cheques are deposited with foreign items.  The Banker’s Association began the journey to combat this through programs such as the annual financial literacy program which offers tips on banking processes in TCI. 2025 celebrates three years of this initiative.

The TCHTA is encouraged as the Banker’s Association continues to place further attention on key areas, including:

• The strategic placement of additional ATMs in high-demand locations across the Turks and Caicos Islands, particularly in South Caicos, Grand Turk and North Caicos.
• The expansion of banking services in key markets.
• Enhancements in customer service delivery.
• Simplification of transactional processes.

Colin Sterling, Chair of the TCHTA’s Finance Committee, encouraged ongoing dialogue as collaborative practices between the collective groups bodes well in the sustainable growth of the economy.

The TCHTA and the Banker’s Association has committed to follow-up meetings in 2025.