Unlocking Financial Inclusion in Trinidad and Tobago Through Electronic Funds Transfer

Electronic Funds Transfer (EFT) is increasingly recognized as an important component in modernizing financial systems. As digital transactions become more prevalent globally, EFT offers a streamlined, secure, and efficient method for transferring money. For Trinidad and Tobago (T&T), embracing a robust EFT framework can improve financial inclusion, and may be the key to unlocking new avenues for economic growth.
The objectives of this study are to: i) review the international landscape for best practices regarding electronic funds transfer (EFT); ii) conduct a diagnostic assessment of the current state of EFT policy for Trinidad and Tobago (T&T); iii) empirically determine if EFT can have a positive contribution and impact on economic activity in T&T; iv) provide recommendations for an EFT framework for T&T.
A notable recommendation is for the government to facilitate financial inclusion by improving TTBizLink and creating a close digital wallet to accept payments.