BVI News

Banco Popular becomes the primary bank for gov’t

Cabinet has said Banco Popular de Puerto Rico is the primary bank for the Government of the Virgin Islands and any transactions undertaken by the government will be through that financial institution.

This was indicated in a post-Cabinet decision document released on December 23.

“[Cabinet also said] the tender process for the procurement of a joint Banking Service and Payment Gateway Processor Service for the Government of the Virgin Island’s revenue collection be waived for a period of three years,” the document stated.

It noted that discussions between the government and Banco Popular started due to a good relationship that developed over the years.

“Negotiations for the joint Banking Service and Payment Gateway Processor Service commence with Banco Popular and Evertec, Inc, respectively, due to the existing relationship with both vendors and for business continuity,” the document said regarding the government’s decision to use Banco as its primary bank.

The government also negotiated rates charged by Banco Popular for Banking Service and Evertec, Inc for Payment Gateway Processor Service and it will be submitted to Cabinet for further approval.

The rates negotiated was not disclosed in the document.

Meanwhile, Cabinet has instructed the Ministry of Finance and the Attorney General’s Chambers to draft the agreements between the government and Banco Popular and Evertec Inc, on completion of the negotiations.

Recently, the government entered into a half-million-dollar contract with an entity referred to as ‘Premier Group’ for the configuration and implementation of a payment gateway.

The payment gateway is expected to provide access to all government services for revenue collection.

 

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20 Comments

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  1. Curious says:

    What happened to the Bank of Paradise?

    Like 10
    Dislike 2
  2. hmm hmm hmmm says:

    so our own National Bank not good enough for us?

    Like 21
    Dislike 3
  3. heckler says:

    Just like how the government discarded the NHI for an oversea’s insurance same thing they are now doing to the National Bank of the BVI

    Like 11
    Dislike 1
  4. wow says:

    Both the bank and the government had a covid scare.

    Like 3
    Dislike 1
  5. Query says:

    Is Banco Popular in the VI insured,,?

    Like 2
    Dislike 1
  6. Hmmmm says:

    Let us all citizens, like the Government, discard NBVI and go BancoPop!

  7. Interesting says:

    Guess where the Premier’s wife works?! Banco. Guess who has been giving the people crappy service lately? Banco! But they are rewarded with this contract and no word on how service to the people will improve. VIP must go!

    Like 26
    Dislike 3
  8. Truth says:

    Banco Popular was closed today. Something about covid.

  9. Smh says:

    What is wrong with this picture?
    The GOVERNMENT has chosen a FOREIGN BANK as its PRIMARY bank OVER ITS OWN NATIONAL BANK!!! The same GOVERNMENT has decided its OWN NATIONAL INSURANCE is not good enough for them.

    Do people of these islands truely expect this GOVERNMENT TO PROTECT YOUR INTEREST??

    Like 13
    Dislike 1
  10. 🤭 says:

    It’s a prank!

  11. Piggy Bank says:

    Governments cookie jar !

  12. Anonymous says:

    The people of Virgin Gorda are being mistreated, misused, under appreciated and mis served. And, that institution is being rewaded for doing so.

    Service one day a week, and an ATM that is usually empty are two of the great mis treatments…….

    Who is looking for the people of VG?

  13. Global Alliances says:

    The entire world is changing dramatically. The global financial system is real. UK and British VI are an integral part of new global alliances. This is the beginning. The Quantum System includes banks that are technically set up for the change. Don’t exactly know if the new system is connected to Banco Popular, but it would be a bank like that with branches covering a particular region I believe.

  14. Island peep says:

    How will government work if the bank is closed because staff have COVID? It’s time to require all essential workers, including bank employees, to be fully vaccinated.

    Like 2
    Dislike 1
    • Strupes says:

      You do realize that fully vaccinated persons can still catch and team it Covid right? Which means whether vaccinated or not, if An employee becomes infected and comes in contact with multiple coworkers, the bank can still shut down!!! Smh JAH!!

  15. Spy says:

    Banco Popular is a branch of an American bank. The US authorities have complete control over the workings of that bank and all client information in that bank can be passed over to the US Government on request. What foolishness for our BVI Government to give a foreign government total rights to access all their own information! I bet Uncle Sam paid Banco Popular in PR to enable them to “win” the bidding process.

  16. Redstorm says:

    It’s funny, after the deal of no down payment and no tax for land was implemented in a deal for the boosting of the economy. Now you gone to put the money in a foreign bank. How the government growing the economy again?

  17. so funny says:

    it was just the other day around June..The govt announce it was paying off banco and getting a new loan from republic for the hospital.in order to safe from Banco high rate… and now you telling banco is the preferred bank. Banco also obligated the govt to have all accounts with them.. some strange shit those go on in this place.

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