By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Consumer Protection Commission is on high alert for liquor stores selling counterfeit drinks that threaten to make Bahamians ill, its chairman said yesterday.

Senator Randy Rolle, speaking in the Senate during the 2025-2026 Budget debate, warned merchants selling counterfeit alcohol that the Commission will be monitoring their activities and sanctioning those found guilty amid the planned crackdown on the spread of liquor stores in New Providence.

“While our government is reviewing the over-saturation and proliferation of liquor stores in the community, we are working closely with our sister agencies to ensure that stores aren't selling fake liquor that will make people sick,” said Mr Rolle “What is cheap is not always good. We want businesses and consumers to be vigilant, because we are watching and they will be penalised if found breaking the law.”

Mr Rolle also issued a warning to “predatory lending institutions” that offer unsecured loans at high interest rates. He added: “While I'm talking about cautions, I want to put predatory lending institutions on guard that offer unsecured consumer loans at absurd and ridiculous rates. We are also watching you. You will not be allowed to go unchecked.”

He said Bahamians have been “suffering for far too long at the hands of financial predators”, and called for enhanced regulatory oversight and banking reforms to protect Bahamians from commercial banks and other lending institutions.

“Also concerning is the disadvantage to consumers by banks and lending institutions in The Bahamas. These include high interest rates on loans and credit cards, limited access to credit, excessive banking fees, lack of transparency, predatory lending practices, limited consumer protections. And I'm not only talking about Nassau. The Bahamian people have been suffering for far too long at the hands of financial predators,” said Mr Rolle.

"To prevent predatory lending, and again - there are laws that govern it in The Bahamas - it is essential to strengthen regulatory oversight, enhance financial literacy and enforce transparent lending practices.

"There's a need to implement clear interest rate caps, mandate disclosures of loan terms, and closely monitor non-bank lenders. At the same time, public education campaigns should empower consumers to make informed financial decisions and recognise [predatory] lending."

Mr Rolle said some lenders are “taking advantage” of Bahamians by offering loans with interest rates of up to 20 percent.

“Some of these lending agencies are taking advantage of the Bahamian people. Some loans have interest rates of up to 20 percent and this is wrong. The Bahamas presently lacks comprehensive statistics on predatory lending by non-bank lenders,” said Mr Rolle.

He also voiced displeasure with furniture stores that entice consumers with high interest financing offers.

“We have done an excellent job in putting Bahamians in homes. But we've seen that people get these mortgages for homes, but then they go and they finance furniture, and not calling names, but in some of these places they make more money off the financing than they do off actual furniture. This is wrong,” said Mr Rolle.