National Insurance Board of Grenada

What National Insurance Board of Grenada does

The National Insurance Board of Grenada (NIS), legally the National Insurance Board of Grenada, Carriacou and Petite Martinique, is a government statutory body established on April 4, 1983 under National Insurance Act No. 14/1983, succeeding the 1970 Agricultural Workers Provident Fund. It operates Grenada's sole mandatory social security scheme, enrolling all employed and self-employed persons across the three-island state. Contributions are levied at a 13.5% combined rate (employer 7.25%, employee 6.25%) on insurable earnings up to $5,200/month, with self-employed paying the full 13.5% and voluntary contributors paying 6.75%; these rates are scheduled to rise to 16% by 2031. In exchange, the scheme administers 19 benefits across three categories — long-term (Age, Invalidity, Survivors), short-term (Sickness, Maternity, Unemployment, Funeral), and Employment Injury — plus complementary lending products (mortgages, vehicle loans, personal loans) to active contributors aged 21–60.

The scheme's technology foundation is the NIS Web Portal (my.nisgrenada.org), a transactional self-service platform enabling employer registration, monthly contribution submission, online claim filing for all benefit categories, and statement access. Service delivery is hybrid: the portal handles digital traffic, while three physical offices (headquarters in St. George's, sub-offices in Grenville and Carriacou), field compliance inspectors, and online banking integrations with Republic Bank Grenada and Grenada Co-operative Bank handle in-person and payment flows. The organization employs 101–250 staff and is governed by a tripartite Board of Directors (government, employer, and employee representatives) appointed by the Minister of Social Security.

Revenue derives from mandatory payroll contributions, self-employed and voluntary contributions, interest on the loan portfolio, and investment returns on the accumulated reserve fund. A forthcoming digital transformation initiative ("EDGE: Elevating Digital Growth & Experience") is scheduled for 2026. Reciprocal agreements with Canada and CARICOM (14 member states) enable cross-border portability of benefits. The organization is non-investable in the conventional PE/VC sense — it is a tax-funded statutory monopoly with no external shareholders, no M&A optionality, and revenue that scales with statutory rate changes rather than market share.

Name

National Insurance Board of Grenada

Legal name

National Insurance Board of Grenada, Carriacou and Petite Martinique

Website

https://nisgrenada.org

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

101–250 employees

Short description

Government statutory social security scheme for Grenada, Carriacou, and Petite Martinique, providing mandatory insurance coverage and 19 benefits (retirement, sickness, maternity, unemployment, employment injury, survivors) to all employed and self-employed persons under National Insurance Act No. 14/1983.

Ownership category

akta.pro rank

Product category

Social Security Administration

NAICS

Pension Funds (525110), Health and Welfare Funds (525120), Insurance and Employee Benefit Funds (5251)

SIC

Accident & Health Insurance (6321), Life Insurance (6311), Personal Credit Institutions (6141)

akta.pro primary industry

Disability Benefits Administration (BPAIAKAC)

akta.pro secondary industries

Income Support & Cash Assistance Programs (BPAIAKAE), Short-Term Disability (STD) Insurance (FSAIAIAC)

Keywords

• Social security benefits
• Pension administration
• Employment insurance
• Social insurance scheme
• National insurance contributions

Headquarters

HQ city

Willis

HQ country

Grenada

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Employer Contributions: Mandatory contributions from employers at 7.25% of employee insurable earnings (2026 rate). Total contribution rate of 13.5% is split with 6.25% deducted from employee wages and 7.25% paid by employer.
2. Employee Contributions: Employees contribute 6.25% of gross earnings through payroll deduction by employer. Maximum insurable earnings of $5,200 per month.
3. Self-Employed Contributions: Self-employed persons pay 13.5% of gross earnings. Can pay monthly or in annual lump sums ($907-$8,424 annually). No penalties for late payment under 2023 regulations.
4. Voluntary Contributions: Voluntary contributors (between ages 16-63, not employed or self-employed) contribute 6.75% of insurable earnings to maintain coverage.
5. Mortgage Lending: NIS provides mortgage loans to contributors ages 21-60 for construction, home repair, property purchase, and refinancing. Also offers personal loans and vehicle loans to contributors.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

The National Insurance Board of Grenada administers Grenada's statutory social security scheme, collecting mandatory contributions from employers, employees, self-employed persons, and voluntary contributors, and paying out 19 benefits across long-term (Age, Invalidity, Survivors), short-term (Sickness, Maternity, Unemployment, Funeral), and employment injury categories. The Board also extends mortgage, vehicle, and personal loans to qualifying contributors.

Product overview

The National Insurance Scheme Grenada operates as a comprehensive social security system offering 19 benefits across three categories: long-term (Age, Invalidity, Survivors), short-term (Sickness, Unemployment, Maternity, Funeral), and employment injury (Injury, Medical Expenses, Disablement, Death). The core platform is the NIS Web Portal (my.nisgrenada.org) which provides online services for contributors. The scheme also offers loan products including mortgages, vehicle loans, and personal loans, and maintains reciprocal agreements with CARICOM countries and Canada for cross-border social security coverage.

Differentiator

Problem solved

Functional benefit

Products and services

• Age Benefit
• Invalidity Benefit
• Survivors Benefit
• Sickness Benefit
• Unemployment Benefit
• Maternity Benefit
• Funeral Grant
• Employment Injury Benefit
• Mortgage Loans
• Vehicle Loans
• Personal Loans
• CARICOM Reciprocal Agreement

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• CARICOM Member CountriescoreOthersGrenada participates in the CARICOM Reciprocal Agreement on Social Security, enabling mobile workers to maintain coverage and qualify for pensions across 14 participating Caribbean countries including Trinidad, Antigua & Barbuda, Bahamas, Barbados, Belize, Dominica, Guyana, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, and Suriname.
• Canada Social SecuritycoreOthersBilateral reciprocal agreement between Grenada and Canada allowing contributors who worked in both countries to combine contribution periods for pension qualification. Each country pays a separate pension based on local regulations.
• Grenada Co-operative Bank Ltd.supportingOthersOne of the designated banking partners for processing contribution payments. Contributors can remit NIS contributions through the bank's online banking platform.
• Republic Bank Grenada Ltd.supportingOthersOne of the designated banking partners for processing contribution payments. Contributors can remit NIS contributions through the bank's online banking platform.
• BDO Eastern CaribbeansupportingOthersExternal audit firm serving as auditors for the National Insurance Scheme. Located in Kingstown, St. Vincent and the Grenadines.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• National Insurance Scheme (Jamaica): Jamaica's NIS is a statutory social security scheme administering mandatory contributions, age/invalidity/survivors benefits, and employment injury coverage across a Caribbean Commonwealth jurisdiction. Operates the same contributory model, benefit categories, and reciprocal CARICOM framework as NIS Grenada.
• Dominica Social Security Board: The Dominica Social Security Board operates a mandatory contributory social security scheme for another small OECS island state, providing the same long-term, short-term, and employment injury benefits under analogous legislation. Comparable in scale, governance structure, and CARICOM reciprocity.
• Saint Lucia Social Security Fund: The Saint Lucia Social Security Fund is a statutory body operating an identical model of mandatory employer/employee contributions providing age, invalidity, survivors, sickness, maternity, and employment injury benefits in another Eastern Caribbean jurisdiction. Direct peer in terms of scheme design and demographic scale.
• Barbados Social Security Board: The National Insurance and Social Security Service of Barbados administers mandatory contributions and a comparable 19+ benefit portfolio for a Caribbean Commonwealth member state. Operates under the same CARICOM reciprocal agreement and ILO-influenced scheme architecture as NIS Grenada.
• National Insurance Board (Antigua and Barbuda): The NIB of Antigua and Barbuda is a statutory social security board administering the same contributory benefits structure across another small OECS member state. Shares the CARICOM reciprocal agreement framework with NIS Grenada and is audited by the same regional audit firm (BDO Eastern Caribbean).
• National Insurance Board of Trinidad and Tobago: The National Insurance Board of Trinidad and Tobago is a statutory social security scheme with a near-identical mandate to NIS Grenada — mandatory employer/employee contributions, age/invalidity/survivors pensions, sickness and maternity benefits, and employment injury coverage. It is the largest and most directly comparable Caribbean social security institution.
• National Insurance Corporation (Saint Vincent and the Grenadines): The NIC of St. Vincent and the Grenadines is a statutory social security institution covering a similarly small Eastern Caribbean state, with the same mandatory contribution structure and benefit categories (age, invalidity, survivors, sickness, maternity, funeral, employment injury). Most directly comparable in scale and operating environment to NIS Grenada.
• National Insurance Board (Bahamas): The NIB of the Bahamas is a statutory social security scheme with the same mandatory contribution model and benefit categories as NIS Grenada, covering another small Caribbean Commonwealth nation. Direct functional peer, though operating in a larger economy.

Others

• International Labour Organization (ILO): The ILO is the UN agency whose Social Security (Minimum Standards) Convention directly shaped the 1983 N.I.S. Law that established NIS Grenada. Sets the global normative framework for compulsory contributory schemes in which NIS Grenada and all its Caribbean peers operate.
• International Social Security Association (ISSA): ISSA is the international umbrella body for social security institutions; NIS Grenada is a member alongside other Caribbean boards. Provides technical guidance, standards, and the framework under which Caribbean reciprocal agreements operate — relevant ecosystem reference rather than a direct competitor.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/nis_grenada
• YouTubeyoutube.com/@nisgrenada
• Facebookfacebook.com/nis.grenada
• Instagraminstagram.com/nisgrenada.official/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Insurance Board of Grenada