Demands have been made for the National Bank of the Virgin Islands to do more for customers.
Opposition Leader Ronnie Skelton recently raised the issue in the House of Assembly, suggesting that the institution is not adequately serving residents.
“It doesn’t do international business,” Mr. Skelton said while asking Deputy Premier Lorna Smith questions during the May 2 HOA meeting. “Most of its business is done here on the ground. Why is that bank not being considered to help our people? I don’t understand it.”
Ms. Smith, who is the minister of financial services, readily acknowledged his concerns.
“I do think that the bank does offer some services,” she said. “Whether they are adequate is the question. And therefore there needs to be a policy decision taken to have the bank — the National Bank of the Virgin Islands — to provide more services for the people of the British Virgin Islands.”
Ms. Smith added that she would report back to HOA members on the progress of her discussions with the bank.
Banking problems
She also said she realises that many residents have faced challenges accessing banking services — as have other customers across the Caribbean in recent years.
“We understand the profound consequences this lack of access has on individuals and their ability to fully participate in the economy,” she told the HOA. “We are acutely aware that marginalised individuals and underserved communities are also disproportionately affected by the banking decisions.”
Ms. Smith stressed the importance of access to financial services for people in the VI.
“A bank account is a vital tool, especially for those seeking to improve their lives and to contribute positively to society,” she said. “We are actively engaging with the banking sector to understand their challenges; to understand the challenges faced by residents, particularly when opening bank accounts.”
Efforts to improve the situation are ongoing, according to the minister.
“We are working with the [Financial Services Commission], which is the banking supervisor, to ensure that their market framework addresses these concerns,” she said. “We will begin discussions with the banking community, including the [BVI Bank Association], and with the commission, to develop a unified strategy for tackling these issues.”
Continued dialogue
Ms. Smith added that such dialogue will continue at the banking expo scheduled for June 6.
“This event will serve as a platform for bankers and businesses to collaborate and identify joint opportunities,” she said, adding that her ministry is “confident in its ability to foster informed relationships between banks, residents and our business sector.”
The National Bank of the VI did not respond to a request for comment.