EDITOR, The Tribune.

SO far this week we have seen a number of protests on several of our Family Islands relating to the lack of essentials such as electricity and water and the ever-increasing costs of these absent services. I spoke on this in my last letter to the press along with the absence of proper banking facilities on many of our islands. As it relates to banking there are some crucial issues that I must pose.

In The Bahamas, we have compliance and confidentiality laws and employees are made to sign such forms with the understanding that a breach of same could have serious consequences. Yet, for the sake of cheap labour, many banks and corporations have outsourced client information to countries far and near. Are they governed by the same regulations? Is our personal information guaranteed confidentiality? We have seen a tremendous increase in fraud and identity theft since widespread outsourcing. I may be wrong, but I feel that some of the cybercrime happening here is due to vast outsourcing.

One cannot call a bank for personal information without being answered by a foreigner, be it Indian, Jamaican, Trinidadian etc. Why not have a national call centre and keep our business here? Govern the employees by our laws and regulations and keep a better handle on our privacy. Do we feel or believe that “Foreign” is better even with our services? Our phone and cable companies have also jumped on the band wagon and outsourced their call centres.

These same banks are continuously raising fees while cutting services. There is almost nothing personal about “Personal Banking” as the human touch is slowly being replaced. Our information is sent to others and we have no way of knowing who else it is shared with. We must protect our banking laws. Think about it.

The time is now to look at keeping our business in The Bahamas. We need to invest in our local Banks and Credit Unions and build their capital allowing them a greater opportunity to cater and service our domestic banking and lending needs. It is quite evident that the Foreign Banks, namely Canadian, are more interested in Corporate and Wealth Management as the profit lines are higher. If we are serious about “Nation Building” then we must build up our reserves in our banks so that the money stays home. We must also put in place laws and regulations that would prevent the Bahamas government from using these banks as a “Cash Cow” without repayment. The government should continue to seek its financing elsewhere

and not from the “Peoples Bank”. We should also look more seriously at promoting the Savings Bank at the Post Office. While that is not a lending institution, it can teach the discipline of saving. A penny saved is a penny earned is an appropriate cliché right now.

As a people, as a nation, we must stand up and stand together for the betterment of country. We are all affected by these injustices and we, the people, have a voice and the power to make a difference and demand the change. I do believe we have a ministry, or at least a minister, of Financial Services. A National Call Centre can fall under this government agency and rather than outsourcing out of the country, banks and corporations can transfer the basic information necessary for efficient and effective follow up to this Agency. Many Government agencies are overstaffed with entry level employees that can be trained and seconded to a call centre. We can do this. Let us continue to build our Nation and economy for a brighter future for all. Let us invest in us.

Essential services are a necessity, not a privilege, and should be afforded to all. Keep our lights on, give us clean water, and enable us to do banking at a savings, not a loss.

May God Bless our Bahamaland.

VANESSA A SCOTT, JP

Nassau,

August 14 2024.