St Kitts and Nevis: 367 new accounts created for young participants under ASPIRE

St Kitts and Nevis: New savings accounts seeded with $1,000 each have been opened for 367 young participants aged 5 to 18 under the “ASPIRE Program” in St Kitts and Nevis. The program which is designed for empowering children with financial tools has received over 1,700 applications since its launch in September 2024. 

The financial contribution in the accounts is provided by the government of St Kitts and Nevis and now "The Cable" will also assist the program with potential partnership. The contribution will be divided into two parts with EC$500 will be part of the saving accounts of participants in St Kitts-Nevis-Anguilla National Bank and the remaining of EC$500 will be used as investment in local, government-owned entities.

Partnership with CABLE

The partnership with the CABLE will help in enrolling the participants under the ASPIRE Program as the new registration will kickstart on Monday, November 25, 2024, and will run through Friday, November 29, 2024. 

For registration, the participants must have to provide their Valid IDs of their parents or guardians. They will also have to provide child and Student’s birth certificate or Citizenship certificate with the proof of their recent address including utility bill, lease, and recent bank statement. The documents should be of the last three months. 

The participants can submit all the required documents at the "Cable Office, Cayon Street, Basseterre,' from 9 am to 3 pm. 

Applications of ASPIRE

Known as Achieving Success through Personal Investment, Resources and Education Program, the ASPIRE is designed to support the younger generation by empowering them financially. It will offer a chance to these participants to instill habit saving and investing money into the potential areas, aiming to promote economic independence. 

ASPIRE is open to all eligible children and anyone regardless of socio-economic background can register for it. It will foster financial literacy with structured investments, aiming to teach the techniques of managing structured investments. Through the accounts, the participants also manage to enhance their wealth over time as it serves as the platform to save money and grow investment opportunities. 

PM Dr Terrance Drew speaking about benefits of ASPIRE

During the roundtable discussion on Wednesday, Prime Minister Dr Terrance Drew talked about the benefits of the ASPIRE and said that it will work as the tool for the government in their efforts of promoting economic independence and mitigate poverty. 

He said that the program will build a financial foundation for the younger generation and create generational wealth for all citizens. While seeding the accounts, PM Drew mentioned that the financial literacy is significant which will also promote the sustainable agenda of St Kitts and Nevis. 

It will also provide resources to the younger generation while supporting their financial journeys. The ASPIRE will provide new opportunities for the Federation, aiming to build a nation where opportunities and prosperous future is built, according to PM Drew. 

ASPIRE Program

ASPIRE has been launched by Prime Minister Dr Terrance Drew on September 14, 2024, at Warner Park on the margins of the Independence Youth Rally. Hundreds of young people gathered for the groundbreaking of the program, providing a new chance to build a secure financial future for children. 

The prorgam is consisted of several significant benefits that will be provided by the government to the students in education and other sectors. Under the program, the participants are eligible to take benefit for a minimum of five years or until they turn 18. 

Earlier, the team of ASPIRE visited the schools across St Kitts and Nevis during the academic year 2024/2025 and provided information about application process. In addition, participants can also get the information about the program at their official site and enroll to get their financial freedom.