With October being designated as Financial Literacy Month, by the Eastern Caribbean Central Bank (ECCB), a financial fair was held on the grounds of the Scouts and Guides gazebo on Friday, October 19th, under the standing theme: “Financial Empowerment Through Education.”
The purpose of the fair was to sensitize and educate the public on the various financial services that are being offered in Anguilla, as well as to encourage prudence in money management matters.
The event was attended by Minister of Finance, Hon. Victor Banks, as well as local banking officials and ECCB’s financial and non-financial partners. The program was moderated by ECCB’s Resident Representative, Mrs. Shirmaine Lynch-Harrigan. Opening the fair was the Rev. L Errol Brooks who offered a prayer of invocation. This was followed by the rendering of Anguilla’s National Song.
Mrs. Lynch-Harrigan, in her feature address, stated in part: “The Eastern Caribbean Central Bank and its financial and non-financial partners are once again celebrating Financial Information Month (FIM). We invite everyone to join with us as we promote financial empowerment through education. This month forms part of ECCU’s financial education program which is coordinated by the ECCB and its partners.
“This program incorporates a series of initiatives designed to support the attainment of the goal of a financially developed, vibrant ECCU region that fosters strong and sustainable economic growth and the improved wellbeing of our citizens. We are promoting financial empowerment through education, but what is empowerment? Empowerment speaks to the process of becoming stronger and more confident, especially when controlling one’s life and claiming one’s rights.
“As partners operating in this financial space, we are cognizant that we have a responsibility to help educate our customers, families, friends and fellow-residents, on being responsible and resilient in making the best financial decisions with limited financial resources, while trying to attain seemingly unlimited wants and needs.”
A number of booths on the gazebo grounds offered financial-oriented products and information, while others displayed specific goods in order to acquaint the public about what they provide in their line of business.
The Anguillian spoke with the Senior Regulator and the Regulator of the Anguilla Financial Services Commission, Ms. Charonay Carty and Ms. Teresa Heliger, respectively. They noted that the key function of their institution was to supervise and monitor all financial services in Anguilla. “This means regulation”, said Ms. Carty, “and we are responsible for supervising the services of entities such as insurance companies, trust companies, offshore banks, and mutual funds. We are also responsible for enforcing the policies of the domestic banks and supervising them for Anti-Money Laundering and Combating Finance Terrorism (AMLCFT) purposes.”
The Anguilla Financial Services Commission has its own funding source and is subject to oversight by an independent and experienced supervisory board. It reports directly to His Excellency the Governor to enable him to discharge his responsibilities for the oversight of international financial regulations under the Anguilla constitution.
Mrs. Lynch-Harrigan continued: “No matter the size of our income, especially in these times of economic and climate-change challenges, we must equip ourselves with the knowledge and tools for optimal money management, healthy savings, smart investments, personal development, household development, retirement planning, and such. So we, the ECCB, engage with all of you to help us, help you, and help each other, to be more financially empowered.”
