As a small Caribbean island nation, Dominica has worked to diversify its economy beyond agriculture. One sector experiencing significant growth is financial services, which now contributes over half of the country’s gross domestic product according to 2022 estimates.
Dominica established its Financial Services Unit (FSU) in 2008 to regulate the expanding non-bank financial industry. Offering an attractive regulatory environment for international business companies and offshore banks, Dominica has seen increasing incorporation of such entities. The government aims to develop Dominica into a regional financial hub through initiatives like a new financial technology sandbox and regulatory framework.
Ruskin Felix Consulting sees opportunities to support Dominica’s financial services ambitions. Our expertise in developing sustainable financial sectors, strengthening governance and oversight, and facilitating public-private partnerships could aid the FSU’s efforts. RFC also has extensive experience designing fintech strategies and innovation hubs for small island nations. By working with stakeholders across Dominica, we could help develop a comprehensive roadmap to further grow the industry in line with international standards.
As climate change poses risks to Dominica’s agricultural economy, financial services provide a means to diversify revenue sources and build resilience. With careful management and RFC’s guidance, this sector can create high-paying jobs and attract greater foreign investment. Our work would empower Dominica to capitalize on its strategic location and business-friendly environment, cementing financial services as a leading driver of sustainable economic growth and development.