Working Paper Series: Special Edition of 2016 to 2018 Interns

Figure 3: Number of Point of Sales Terminals in the ECCU Countries

Number of POS Terminals

1,000 1,200 1,400 1,600 1,800 2,000

- 200 400 600 800

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

ANG

ANT

DOM GND

SKN

SLU

SVG

Source: Eastern Caribbean Central Bank.

Likewise, ATM machines were introduced in the region in 2004. Figure 4 shows the use of ATM machines since its introduction up to 2015. A general increase was noted across all countries within the ECCU, of note, countries such as Saint. Lucia, which has experienced large growth relative to the other countries, utilizes the ATM services to increase its reach to customers. This is evident when we look at Figure 5 where Saint Lucia records the highest card usage in the region. Of note, the number of card transactions that took place over the period has increased generally, except for Montserrat. Countries that contribute to a higher per cent of economic growth (figure 2) utilizes more of the new financial instrument.

64