Montserrat’s Banking Challenges and Opportunities Spotlighted at Lloyds Conference

The challenges and opportunities within the retail banking sector of the British Overseas Territories (BOT) were at the forefront of discussions at the Lloyds Bank BOT Conference 2025, held Wednesday, February 26 in London.

Kei-retta Farrell, Head of Office and UK Representative for the Government of Montserrat, joined representatives from the Cayman Islands, Ascension Island, and the Falkland Islands on a panel to address financial concerns specific to their territories.

“I used this platform to highlight the unique banking challenges Montserrat faces, from the lack of competition following the departure of major financial institutions to international banking barriers that slow economic growth,” said Farrell.

With only one commercial bank serving the island, Farrell noted that businesses and individuals are struggling to access financial services, which in turn affects investment, economic diversification, and key industries such as tourism, renewable energy, and agriculture.

“But the conversation wasn’t just about challenges – it was also about solutions,” she added. “There are real opportunities to strengthen digital banking, attract new financial players, and build stronger correspondent banking ties to support Montserrat’s growth.”

The event, hosted by Lloyds Bank, brought together over 50 delegates from across the British Overseas Territories, both in person and virtually. The conference featured discussions on critical banking and financing themes, including a biodiversity spotlight and insights from Lloyds Bank’s Chief Economist.

Matt Pendrey, Director for UK Government & British Overseas Territories at Lloyds Bank, reflected on the success of the gathering. “I was delighted to host Lloyds Bank’s second annual British Overseas Territories Conference. It was an honour to be joined by over 50 delegates from Anguilla, Ascension Island, British Antarctic Territory, British Virgin Islands, Cayman Islands, Falkland Islands, Gibraltar, Montserrat, Pitcairn Island, St Helena, South Georgia and the South Sandwich Islands, Tristan da Cunha, and Turks and Caicos Islands.”

He emphasised Lloyds Bank’s commitment to supporting the Overseas Territories, stating, “As highlighted throughout the conference, Lloyds Bank views the Overseas Territories as a fundamental part of our Helping Britain Prosper purpose, and we look forward to continuing to grow our relationship with you over the forthcoming years to help the British Overseas Territories prosper.”

Farrell expressed her appreciation for the opportunity to highlight Montserrat’s financial landscape on such a platform. “A huge thank you to Matt and Keval for the invitation to spotlight Montserrat in this important discussion. These conversations are critical as we work to ensure that small territories like Montserrat are not left behind in the evolving financial landscape.”

She reaffirmed her commitment to advocating for improved financial infrastructure for Montserrat, stating, “I look forward to continuing this work and pushing for better financial infrastructure to support Montserrat’s future.”