Profitability 

Executive Global: What are some of the factors that make the banking sector in St. Helena more resilient when compared with other major international banking jurisdictions?

Josephine George: Shaped by isolation, expensive internet connectivity and a small customer base, the Bank’s resilience has been established through commitment and responsibility to our valued customers. Whilst profitability is essential for sustained growth and development, customer satisfaction is often prioritised over increased profitability. Endeavouring to keep abreast with local and international environments and adapting appropriately to change has also supported resilience. Although unable to provide many banking products and services that are readily available elsewhere, the Bank’s strength lies in its ability to be creative and innovative in providing bespoke alternatives.   

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EG: How significant of a role would you say that the bank’s favourable low interest rates for personal and commercial lending, play in contributing to positive economic growth and GDP? 

JG: The Bank plays a significant role as an enabler for economic growth providing lending products and services with interest rates applied to reflect the desire to encourage growth, whilst considering associated risks. Over time the Bank has supported increasing numbers of new and established businesses, provided support during the COVID pandemic and beyond, and continuing to review products supporting home building and ensuring finance availability for other initiatives.     
   

EG: And as an experienced banker, what innovations in fintech do you see on the horizon that excite you the most?
 

JG: The world of fintech is fast moving with many of the innovations supporting the conscious consumerism framework of ESG. I am excited about the future role of fintech for Bank of St Helena and its customers, which will enable enhanced access to electronic banking, support environmental initiatives and the island’s goal of becoming a cashless society.

 
EG: Having gained the prestigious chartered banker designation (MCBI), what additional impact has this coveted qualification had in enhancing operational efficiency and the overall customer experience at Bank of St. Helena?

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JG: Gaining the qualification and the designation of Chartered Banker (MCBI) has validated my professional skills and experience gained. It has also provided further credibility for Bank of St Helena as an organisation of highly qualified professionals with detailed knowledge of modern banking management and ethical and professional requirements.   .
 

EG: With over a decade of experience, what would you say is the secret to profitability in banking?

JG: For us, sustained profitability has been derived from placing our customers at the heart of our business. This includes a robust strategic plan that is followed closely, building and maintaining relationships with the shareholder, various stakeholders and attracting and retaining staff with the skills and experience who share our common values of integrity, engaging, delivering, improving and being commercially minded.

EG: Tell us about St. Helena Pay and some of the technologies implemented to improve banking and online payments for St. Helenians?

JG: St Helena Pay is a complete bespoke closed loop system developed to ensure our customers have access to a digital payment environment. This bespoke system was necessary due to the challenges faced in acquiring an issuing licence for branded payment cards such as Mastercard and Visa. St Helena Pay is supported by the Bank’s local debit card and online banking which has transformed banking for our customers. The latest addition supported by St Helena Pay is the Tourist Card - a prepaid cash card aimed at supporting short-term visitors to St Helena and Ascension Island. The Bank’s commitment to improved financial outcomes and opportunities has also been recognised through the Award gained for Best Bank for Financial Inclusion 2023 from the World Commerce Review.

EG: What future prospects do you see long term for St. Helena as a financial centre?

JG: St Helena has many wonderful attributes making it attractive as a potential financial centre in the long-term, if managed correctly. In addition to the location and life-style, being English speaking and having a currency at parity with the Great British Pound (GBP), could prove to be attractive to potential investors.   EG