A fresh call for banks to do better
Junior Minister for Financial Services Lorna Smith has once again called on local banks to be more responsive to the unique needs of small businesses, many of which continue to struggle with the services they receive from financial institutions in the territory.
Complaints about local banking services have become a cultural norm in the BVI, and since taking office in 2023, Smith has led several initiatives aimed at improving the relationship between banks, the public, and the business community.
Speaking recently on the Talking Points radio show, Smith said there is still room for banks to be more accommodating to small businesses.
“We’ve heard that small businesses are the backbone of any economy. Banks have to be more forthcoming to small businesses. Banks can be more helpful to our small businesses and more understanding of their needs,” Smith said.
She acknowledged that some improvements have taken place, particularly after financial institutions participated in a government-led banking expo in 2024. During that event, banks heard the concerns of small business owners and members of the public, and offered explanations on various processes and procedures that were unclear to many customers.
Despite this progress, Smith noted that business owners are still pushing for more favourable interest rates.
“Some of the business owners have told me they are getting the help [from banks], but the interest rates are prohibitive. Banks must be more considerate of small businesses,” she said.
Banks in the BVI have long been criticised for poor customer service, lengthy wait times, and a general unwillingness to understand and meet the financing needs of the community. There have also been repeated calls for services to be digitised to improve accessibility.
However, despite annual criticism from both elected officials and residents, major improvements in banking service delivery remain elusive.
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The banking cartel (and insurance cartel), along with Lorna, and other selected elite do not want changes. It is that simple!
And there is also a fresh call for Memebers of the HOA to do better.
Corna Lady out there fighting for us. Her boss, S!0wW@nde, might as well make a little station for her at the ole Craft Alive Corna since locking out the people
a dead horse again. She publicizes this topic every season but never resolves her complaints.
The banks here are a joke. R* bank has major tech issues with their system and delays in transactions, recently transactions over two years were processed. They delay transactions and limit your spending ability where is impossible to conduct business and pay suppliers. Make a complaint and they say you can take your business else where.
Never worked with a bank where they are squeezing you to use expensive services and not allow you fast access to your funds with credit cards. They have no idea how businesses work.
And that is all you need to know.
If she told that to the bank that she brought in here?
Time for the FSC to look into the fitness of these people to be running banks. There is serious incompetence within BVI banks and suspected corruption. One in particular is almost certainly hosting robbers in it ranks of employees.
Bla bla bla and more bla. UK now !