Caribbean Banking – Island Crisis http://islandcrisis.net/ Wed, 27 Oct 2021 12:39:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Caribbean Banking – Island Crisis http://islandcrisis.net/ 32 32 The Central Bank steps in and imposes a cap on ATM transactions https://islandcrisis.net/the-central-bank-steps-in-and-imposes-a-cap-on-atm-transactions/ https://islandcrisis.net/the-central-bank-steps-in-and-imposes-a-cap-on-atm-transactions/#respond Wed, 27 Oct 2021 10:30:18 +0000 https://islandcrisis.net/the-central-bank-steps-in-and-imposes-a-cap-on-atm-transactions/ As of November 1, the amount Barbadians pay for an automated banking machine (ABM) transaction other than their own will be capped at a maximum of $ 3. Central Bank of Barbados Governor Cleviston Haynes made the announcement on Tuesday as he presented his latest economic review for the July-September quarter. Noting that the Central […]]]>

As of November 1, the amount Barbadians pay for an automated banking machine (ABM) transaction other than their own will be capped at a maximum of $ 3.

Central Bank of Barbados Governor Cleviston Haynes made the announcement on Tuesday as he presented his latest economic review for the July-September quarter.

Noting that the Central Bank was aware of complaints from residents about the high bank fees associated with debit card transactions, Haynes announced that effective November 1, a standard fee of $ 3 will be charged for using a debit card at an ATM that is not from the corresponding bank of the card issued.

In addition, he said that making a transaction at a place of business using the point of sale (POS) system will not incur a fee.

“The Bank reviewed the fees that a bank charges each other, as proposed by Visa and Mastercard, and following discussions with the bank and credit unions, the Central Bank decided to intervene in the pricing of transactions. by debit card. This initial intervention aims to normalize the interchange rate for Visa / Mastercard debit card transactions and cushion the impact of the increased fees on depositors and the corporate sector, ”said Haynes.

“In terms of the rates that we’ve looked at, as you know, if you’re using your own ATM right now, it’s free and will continue to be. However, if you use another bank’s ATM, you will be charged a fee. From what I understand, these fees go up to $ 6.50. Therefore, we have indicated to banks and credit unions that these fees should be capped at a maximum of $ 3, ”said Haynes.

“Also, when you use your point-of-sale card at a merchant, some banks are free, but others have a fee. However, as of November 1, there will be no charge for using your Visa or Mastercard debit card at a merchant, ”he added.

For several months, residents have complained about high and increasing bank charges for certain transactions, in particular using an ATM.

The governor said the central bank recognizes that the current fees increase the cost of banking services, adding that it considers that the high fees for using digital banking services “could serve to undermine national efforts to reduce the cost of banking services. use of physical money and increasing reliance on digital transactions ”.

He said capping ATM fees at $ 3 and no fees for swiping a debit card at a merchant was an “initial step.” He said the central bank would continue to monitor and assess the impact and could make “further intervention” if necessary.

“We have to be fair to customers both in terms of individuals, in terms of traders and in terms of financial institutions, but that’s where we are right now,” he added.

“I encourage you, where possible, to use your own ATM or credit union machine. I recognize that there are cases where some institutions do not have a lot of machines in the market and therefore the temptation to use another bank’s ATM is there, but try to plan your purchase if possible because it ‘is a service that you can get for free if you use your own bank, ”said Haynes.

He also noted that the payment system was still being modernized, including the establishment of a real-time automated clearing house.

“This should create the potential for adoption by financial institutions of other more cost-effective solutions and the Bank will seek to encourage their rapid adoption. At the same time, we encourage financial institutions to provide education to their customers so that prudent choices regarding low cost services can be made, ”said Haynes.

Banks and credit unions are moving from the Caribbean Integrated Financial Services Ltd. platform. (CarIFS) which connects the island’s ATMs and point-of-sale terminals with Visa / Mastercard platforms.

Haynes said some banks have been allowed to continue operating on CarIFS beyond November 1, when the new ATM fees go into effect.
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Nigeria launches central bank digital currency eNaira https://islandcrisis.net/nigeria-launches-central-bank-digital-currency-enaira/ https://islandcrisis.net/nigeria-launches-central-bank-digital-currency-enaira/#respond Mon, 25 Oct 2021 20:47:00 +0000 https://islandcrisis.net/nigeria-launches-central-bank-digital-currency-enaira/ Nigeria’s CBDC pilot project is now the second largest behind the Chinese digital yuan and aims to digitize payments and increase financial inclusion in Africa’s most populous country. The central bank of Nigeria (CBDC) digital currency eNaira was launched today following an announcement by President Muhammadu Buhari. Buhairi said the digital currency and the blockchain […]]]>

Nigeria’s CBDC pilot project is now the second largest behind the Chinese digital yuan and aims to digitize payments and increase financial inclusion in Africa’s most populous country.

The central bank of Nigeria (CBDC) digital currency eNaira was launched today following an announcement by President Muhammadu Buhari.

Buhairi said the digital currency and the blockchain technology it uses can drive economic growth and increase the GDP of Africa’s largest economy by $ 29 billion over the next 10 years.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele said about 500 million eNaira (1.21 million) had already been minted instead of the digital currency going live.

In a Press release On Saturday, the CBN said the launch of the eNaira “marks a big step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical naira, is accessible. to all”.

CBDCs are rapidly gaining popularity around the world, and Nigeria is the first African country to officially launch a state-supported digital currency pilot project.

With a population of 211 million, Nigeria’s CBDC trial is now the second largest behind the Chinese digital yuan. On top of that, over 62% of Nigerians are aged 24 or under, making eNaira accessible to a largely digital native population.

The development of eNaira was carried out by the financial technology company Bitt, whose digital currency management system is also the originator of the DCash digital currency of the Central Bank of the Eastern Caribbean.

Nigerian President Muhammadu Buhari, left, and Central Bank Governor Godwin Emefiele, at the launch of eNaira in Abuja, Nigeria on October 25, 2021. Nigeria has launched a digital currency which the Central Bank says of Nigeria (CBN), is a “big step forward in the evolution of the currency” in Africa’s most populous country. (Nigeria State House via AP)

Possible impacts of eNaira

Attached to fiat currencies and backed by a country’s currency reserves, CBDCs emerge as the path for governments to co-opt the momentum that has built up around digital assets, primarily in response to the popularity of cryptocurrencies like Bitcoin, which are decentralized and outside the remit of regulatory oversight.

A similar story happened in Nigeria, where the government and the central bank battled the rise of cryptocurrency in the country.

Nigeria has been one of the major markets for digital currencies, ranking sixth in terms of cryptocurrency adoption globally. It is the largest marketplace on the global crypto trading platform Paxful, which has 1.5 million Nigerian users out of its 7 million users worldwide.

Aside from wealth creation, the popularity of Bitcoin in Nigeria has been driven as a hedge against the naira inflation. The currency has been devalued twice and is worth 12.5% ​​less since the start of the pandemic.

In an effort to curb the growing popularity of crypto, in February, the CBN ordered local banking institutions to stop trading cryptocurrencies and stop facilitating payments for crypto exchanges. Four months later, plans were announced to introduce eNaira.

One of the goals of the CBN is to digitize payments and increase financial inclusion, and a CBDC can provide citizens with better access to financial services for both underbanked and unbanked people.

“With Nigeria still considered to be one of the least banked countries in the world, decentralized identity systems and CBDCs will provide people with a way to prove their identity and access banking services directly from their smartphone”, Ben Constanty, co-founder of Smartlink, said CoinDesk. “It also means that every transaction will go through this system in order to buy and sell things.”

Those who send remittances should also benefit. Given the currency restrictions and the high transaction fees associated with sending money in and out of the country, Nigerians previously used Bitcoin as a faster and cheaper alternative to conduct domestic transactions. and international.

By using the blockchain ledger, eNaira will be able to eliminate the need for third parties and contribute to efficient and low cost transactions, as consumers will have access to reliable and low risk payment options.

In addition, enhanced oversight of funds and payments provides a level of transparency that can be used to enhance public confidence and enable financial authorities to fight economic crime and fraud.

However, critics of the CBDCs fear they may allow central banks to exercise greater control, serving as a tool for regulators to monitor the financial footprint of private citizens.

“As central banks globally jump on the digital currency wagon, the space is likely to see more regulations, limitations and even censorship, as these will be controlled networks,” Constanty said.

The Nigerian banking sector is also likely to face a new digital asset challenge. Does the CBN offer a virtual wallet where everyone can store their money, does it make the use of banking intermediaries superfluous?

Besides Nigeria, the Bank of Ghana announced in June the pursuit of its own sovereign digital currency called e-Cedi, while the South African reserve bank launched a retail CBDC feasibility study in May.

Source: TRT World



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Nigeria to launch national digital currency on Monday https://islandcrisis.net/nigeria-to-launch-national-digital-currency-on-monday/ https://islandcrisis.net/nigeria-to-launch-national-digital-currency-on-monday/#respond Sun, 24 Oct 2021 21:22:00 +0000 https://islandcrisis.net/nigeria-to-launch-national-digital-currency-on-monday/ After a delay of several weeks, the Central Bank of Nigeria is launching a digital currency that will complement the country’s physical currency. What happened: The launch of the eNaira was originally scheduled for October 1-4, but was delayed due to the celebration of Nigeria’s 61st independence anniversary on October 1. The country’s digital currency […]]]>

After a delay of several weeks, the Central Bank of Nigeria is launching a digital currency that will complement the country’s physical currency.

What happened: The launch of the eNaira was originally scheduled for October 1-4, but was delayed due to the celebration of Nigeria’s 61st independence anniversary on October 1. The country’s digital currency rollout comes after Nigeria banned crypto transactions, including Bitcoin (CRYPTO: BTC), within the banking industry in February and four months later announced plans for eNaira.

Nigerian officials say the eNaira will complement the physical Naira, making “financial transactions easier and more transparent for all segments of society,” the CBN said in a statement on Saturday, according to a Bloomberg report.

Why is this important: The Central Bank of Nigeria has partnered with Bitt Inc, a Barbados-based fintech start-up, to create the digital currency. The company boasts of being the Caribbean’s leading authority on digital currencies. “The selection of Bitt Inc by the CBN, from among highly competitive bidders, was hinged on” technological competence, efficiency, platform security, interoperability and implementation experience, “said the central bank said in a statement.

The CBN released a document called “The Design Paper for the E-naira” earlier this month. “Although the launch of the e-naira is an important event, it is a milestone on a long journey,” the newspaper read. “The e-naira is a process, not a single step. Over time, CBN believes that the robust ecosystems that will be built on the e-naira platform will ensure Nigeria and Nigerians all the benefits of e-naira. “

The eNaira website says the digital currency will come with a CBN-sanctioned wallet. Users can either log into their bank accounts or choose a prepayment option.

Related Link: Nigeria Agrees to Lift Twitter Ban Subject to Conditions: Bonus Hours


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14 Parish Restaurant and Rhum Bar, an upscale Caribbean fusion restaurant in Hyde Park https://islandcrisis.net/14-parish-restaurant-and-rhum-bar-an-upscale-caribbean-fusion-restaurant-in-hyde-park/ https://islandcrisis.net/14-parish-restaurant-and-rhum-bar-an-upscale-caribbean-fusion-restaurant-in-hyde-park/#respond Sat, 23 Oct 2021 13:00:53 +0000 https://islandcrisis.net/14-parish-restaurant-and-rhum-bar-an-upscale-caribbean-fusion-restaurant-in-hyde-park/ Racquel Fields is on a mission. She owns 14 Parish Restaurant and Rhum Bar, an upscale Caribbean fusion inspired restaurant located in the heart of historic Hyde Park. As a rum bar with 100 different types of drinks, the restaurant offers “the best rum experience in town”. Plus, its upscale dining experience also features a […]]]>

Racquel Fields is on a mission. She owns 14 Parish Restaurant and Rhum Bar, an upscale Caribbean fusion inspired restaurant located in the heart of historic Hyde Park. As a rum bar with 100 different types of drinks, the restaurant offers “the best rum experience in town”. Plus, its upscale dining experience also features a menu of Caribbean fusion dishes, specially prepared by chefs who care about taste and presentation. Fields is a first-time restaurant owner who is making her mark as an African-American owner and restaurateur.

Tammy Gibson: What made you decide to own a restaurant?

Racquel fields: I have always been interested in starting a business. My favorite thing in the world to do is take ideas from concept to completion. So I reached out to a friend, Tim Bradshaw from Jamaica, and we created a Caribbean fusion restaurant committed to bringing a bit of heaven into everyday life.

TG: Were there any challenges that you explicitly faced as a black woman and a restaurateur?

FR : When starting a restaurant business, it was impossible to find someone to support the idea and the brand. Everything we started was with our blood, sweat and tears. It took several years of working 18 hours a day, six days a week, to get to a point where we developed the business strong enough to be considered by the banks. Another thing that was difficult was that I am working to build a world class brand.

We are one of the few rum bars in the city of Chicago and throughout Illinois. Being a snotty kid from the Southside of Chicago, few people in your direct community approach you to give you that kind of knowledge to support your goals. It’s hard to find a mentor in the community who will help you take it to the next level.

TG: Who was your inspiration for the success of your restaurant?

FR : It was a combination of people. I want my family and friends to be proud of me. I want to build something that other young people can watch and inspire them to become entrepreneurs. My inspiration was my parents. They are my biggest cheerleaders and supporters. But for me, it’s about making a difference in my family and providing opportunities for those I love to thrive in whatever they want to do in life.

TG: The black presence in the restaurant industry is small, mostly owned by black women. What is your experience in this space?

FR : We are in a unique era. My experience before 2020 was very different. I have had the restaurant since 2016, and I was invisible until 2019. No one saw us. It wasn’t until 2019-2020 that the black community pushed the world to see us, embrace black culture, and promote black businesses. I give Jeremy Joyce props with Black People Eats. As a community, I can say that our rallying is essential for our success. The black community has pushed and propelled black owned restaurants and black women to a new level.

TG: Why was it vital for you to have your restaurant in South Chicago?

FR : Because the community deserves a good restaurant. We shouldn’t have to step outside our community to have craft cocktails, quality meals, feel safe and have a good time in a predominantly black space supporting our business and allowing us to give back and create an experience for our clients . I grew up in Hyde Park, went to Kenwood Academy, and it was important that I had my restaurant in the neighborhood I love and grew up in.

TG: How did you keep your restaurant afloat during the pandemic?

FR : We have constantly rotated. We didn’t know what we were going to be hit with. I got the support of my landlord. They had a lot of big orders with us to make sure we stayed open.

Once we were able to open our doors, the community was there in droves. The community made sure we stayed afloat. There were roadblocks. Being a black owned business, we do not have access to financial banking tools. When the Small Business Association opened up to us, we didn’t know how to take advantage of it or figure out what it needed. It took a while to figure out the process. Ultimately, we were able to enlist the help of the Small Business Association and the Restaurant Revitalization Fund to help us weather the pandemic.

TG: What do you like about being a restaurateur?

FR : My favorite part about a restaurateur is when you are exposing someone to something new. It’s something about people tasting something they’ve never tasted before, having a cocktail, and learning the history of rum. It’s inspiring and exciting to hear a customer at my restaurant say, “Oh my god, this is the first time I’ve had something like this.

TG: What advice would you give to aspiring black restaurant entrepreneurs, especially women?

FR : Don’t take no as the final answer. As a black woman in business, we hear this word a lot. So if someone tells you no, make them prove it.

14 Parish Restaurant and Rhum Bar is located at 1644 E. 53rd Street, Chicago, IL 60615. To view the website, go to www.14parish.com/.

Tammy Gibson is a traveler and black history author. Find her on social networks @SankofaTravelHr


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Royal Caribbean Now Requires Guests Only Take Pre-Departure ART, Consumer News & Top Stories https://islandcrisis.net/royal-caribbean-now-requires-guests-only-take-pre-departure-art-consumer-news-top-stories/ https://islandcrisis.net/royal-caribbean-now-requires-guests-only-take-pre-departure-art-consumer-news-top-stories/#respond Fri, 22 Oct 2021 10:21:20 +0000 https://islandcrisis.net/royal-caribbean-now-requires-guests-only-take-pre-departure-art-consumer-news-top-stories/ SINGAPORE – Passengers boarding Royal Caribbean’s Quantum of the Seas cruise ship from November 8 will only need to take a rapid antigen test (ART) at the cruise terminal on the day of departure. Previously, they had to pass a polymerase chain reaction (PCR) test before departure. This is similar to what Dream Cruises’ World […]]]>

SINGAPORE – Passengers boarding Royal Caribbean’s Quantum of the Seas cruise ship from November 8 will only need to take a rapid antigen test (ART) at the cruise terminal on the day of departure.

Previously, they had to pass a polymerase chain reaction (PCR) test before departure.

This is similar to what Dream Cruises’ World Dream has been doing since cruise lines were allowed to resume cruises.

Currently, only two cruise ships – Royal Caribbean’s Quantum of the Seas and Dream Cruises’ World Dream – offer crossings from Singapore.

The new testing requirement for Royal Caribbean will last until the end of November, according to an article posted on the cruise operator’s website.

Customers who have upcoming trips on the cruise liner also received an email on Friday (October 22) about the new requirements.

The email stated that the test would be taken at the terminal on boarding day during the selected arrival window, which they would have selected during their online check-in process.

“This test cost continues to be included in your cruise fare,” the email read.

However, those going on a cruise from December 2 will need to pass an ART on departure day at the Raffles City Convention Center before heading to the terminal for the cruise.

According to the Royal Caribbean website, customers will need to register for a testing appointment which should take place at least an hour before their arrival time at the terminal.

“In the event that the guest does not pass the Antigen test before arriving at the terminal, the guest will not be able to board the ship,” Royal Caribbean said on its website.

In response to questions from the Straits Times, a spokesperson for Royal Caribbean said the switch to rapid antigen testing was in line with Department of Health guidelines to reserve PCR testing for symptomatic people and to use ART as primary method of testing events, including cruises. .

On the flip side, the decision to move the antigen testing site to Raffles City “was aimed at improving the overall customer experience, as wait times at the Marina Bay Cruise Center can vary, particularly when departures are busy ”.

“At Raffles City, guests will have a choice of ART’s schedules and can get there earlier in the day and then return home to relax or finish their luggage. Plus, guests don’t need to wait for the result as they will receive it via text message, usually within 45 minutes, ”the spokesperson said.

“When they arrive at the cruise center at their chosen arrival time, they can quickly complete check-in and boarding. “

Dream Cruise passengers are currently required to complete a pre-departure TAR at the terminal, administered by the designated Genting Cruise Lines medical team. Any Covid-19 test that is not taken at the cruise terminal on the day of departure is not recognized. The cost of the test is also waived by the cruise line.

Clients such as Ms Tina Lew, 38, who works in the banking industry, said the move from Royal Caribbean to ART is a “great relief” as she has two young children, aged six and four.

His family will take part in the Quantum of the Seas cruise on November 11.

“The children had to take ART for the first time this morning because a positive case of Covid-19 was detected at school,” Ms. Lew said. “It wasn’t a great experience, but I think the excitement for the cruise will get them accepted.”

Last month, Royal Caribbean announced that all Singapore passengers aged 12 and over who book a cruise from this month will need to be fully immunized when they depart.

It is not mandatory for Dream Cruises passengers to be fully vaccinated, according to its website.

The two cruise lines have been given the green light to offer cruises to nowhere from Singapore as part of a pilot program that began in November last year.

Under this program, round-trip cruises do not have ports of call and passengers must pass a mandatory Covid-19 test before boarding.


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IMF chief hears about regional efforts to deal with Covid shock | Local company https://islandcrisis.net/imf-chief-hears-about-regional-efforts-to-deal-with-covid-shock-local-company/ https://islandcrisis.net/imf-chief-hears-about-regional-efforts-to-deal-with-covid-shock-local-company/#respond Thu, 21 Oct 2021 01:15:00 +0000 https://islandcrisis.net/imf-chief-hears-about-regional-efforts-to-deal-with-covid-shock-local-company/ Central Bank Governor Dr Alvin Hilaire said Caribbean countries have been hit particularly hard by Covid-19, as many economies rely heavily on tourism. Hilaire, addressing the Caribbean ministerial meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva earlier this week, said countries in the region are currently sorting out the appropriate timing and scale […]]]>

Central Bank Governor Dr Alvin Hilaire said Caribbean countries have been hit particularly hard by Covid-19, as many economies rely heavily on tourism.

Hilaire, addressing the Caribbean ministerial meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva earlier this week, said countries in the region are currently sorting out the appropriate timing and scale to unravel the measures. extraordinary tax and monetary policy of Covid-19. which they had adopted “as a whole, the region experienced sharp contractions in economic activity last year and at the beginning of this year”.

He said the contraction had completely erased several years of growth and that in response to the shock of Covid-19, “our policymakers quickly implemented a comprehensive package of unprecedented fiscal, monetary and regulatory measures to mitigate the fallout. negative on our populations.

“Across the region, government fiscal measures included granting tax cuts, tax deferrals and subsidies to households and businesses, as well as direct funding for health infrastructure and equipment. and medical personnel. ”

Hilaire said central banks have lowered their policy rates, injected substantial amounts of liquidity into banking systems and introduced regulatory moratoria on the treatment of deferred payments on loans and restructured facilities.

He said implementing these policy measures was essential for regional economies to overcome immediate challenges, including strengthening health systems and protecting disadvantaged people who have been disproportionately affected by the pandemic.

“At the same time, the measures have further constrained fiscal space, added to already high debt levels, contributed to the downgrade of credit ratings in some cases and increased risks to financial stability.”

Hilaire said Caribbean countries are now well into the second year of the pandemic and the end of the crisis is still very uncertain.

“Despite this, generally satisfactory progress in access to vaccines has given the Caribbean economies a boost to reopen and eventually return to growth, although reluctance to vaccinate remains a problem in achieving herd immunity.

“The enormous uncertainty therefore has an impact on how we plan the outcome of policy measures, as there are still immediate needs to be addressed,” he said, noting for example that a particular concern is how to safely restore high quality education for the region’s youth, a key investment for a sustainable future.

He added: “Overall, we recognize that removing Covid-19 support measures is not an easy undertaking. On the fiscal front, policies have translated into higher government spending at a time when government revenues have contracted. Initially, most countries offered generalized budget support. —CMC


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Accountant Hopes BOSVG Acquisition of CIBC FCIB Will Change Status Quo https://islandcrisis.net/accountant-hopes-bosvg-acquisition-of-cibc-fcib-will-change-status-quo/ https://islandcrisis.net/accountant-hopes-bosvg-acquisition-of-cibc-fcib-will-change-status-quo/#respond Tue, 19 Oct 2021 16:35:21 +0000 https://islandcrisis.net/accountant-hopes-bosvg-acquisition-of-cibc-fcib-will-change-status-quo/ Posted on October 19, 2021 Posted on October 19, 2021 BRIAN GLASGOW WITH AN asset base more than double that of CIBC FirstCaribbean’s (CIBC FCIB) operations in Saint Vincent and the Grenadines, the concept of the Bank of Saint Vincent and the Grenadines (BOSVG) which acquires the CIBC FCIB branch operations should not be viewed […]]]>

Posted on

BRIAN GLASGOW

WITH AN asset base more than double that of CIBC FirstCaribbean’s (CIBC FCIB) operations in Saint Vincent and the Grenadines, the concept of the Bank of Saint Vincent and the Grenadines (BOSVG) which acquires the CIBC FCIB branch operations should not be viewed as an impossible target.

This is the view expressed by accountant Brian Glasgow, who said he thought it should be a relief that a regional consortium now has the opportunity to participate in the ownership of one of the major banking institutions in the region.

“It is very achievable and very manageable and I am sure that by putting their thoughts together with their respective consultants, the Bank of Saint-Vincent and the other banks that are acquiring the business of CIBC would have taken all these questions. in consideration, that they are financially capable of acquiring the assets, managing the assets and managing the portfolio of CIBC in the target countries.

Glasgow, who was speaking on the ‘Questions at Hand’ program on WEFM on Sunday, shared his views on several concerns he had observed in conversations taking place via social media, both locally and regionally in this regard. which concerns this development.

It was announced last Tuesday, October 12, that a consortium of Eastern Caribbean Monetary Union (ECCU) banks had reached a definitive agreement to acquire the branches and banking operations of CIBC First-Caribbean in Dominica, Grenada, Saint Kitts and Nevis, and Saint Vincent and the Grenadines.

The four members of the Consortium are the National Bank of Dominica Limited; Grenada Co-operative Bank Limited; National Bank of Saint Kitts Nevis Anguilla Limited; and the Bank of Saint Vincent and the Grenadines (BOSVG), which is also the agent of the consortium.

Glasgow noted that some of the concerns he had seen through conversations on the matter could be grouped into six categories: security, privacy, functionality, accessibility, cost and concentration of risk.

Addressing the issue of security first, the accountant said that the Eastern Caribbean Central Bank (ECCB), which is responsible for regulating banks in the region, has created an environment for people to feel safe. security with banking institutions. “I think we have to recognize the importance of the role that the central bank plays in the stability of the economies of the Eastern Caribbean. In fact, I think if we were to single out one institution that has played the most important role in economic, fiscal and financial security in the region, it would be the Eastern Caribbean Central Bank, ”he said.

“The regulatory process is world class and I think it would be fair to suggest to any client, any depositor, that due to the strict regulations imposed by the Central Bank, the banking system in the Eastern Caribbean is as secure as the banking system anywhere else in the world.

Privacy is also proving to be a widespread concern for clients since the Consortium announced the intention to acquire CIBC First Caribbean’s banking operations in the ECCU.

Glasgow noted that most indigenous banks, including BOSVG, were at one time government-owned and operated institutions.

As such, there is a perception that everything government owns and manages, in the context of finance and money, may not be subject to the same level of confidentiality as other institutions like CIBC First Caribbean. would be.

The accountant, who recently retired as a partner at the accounting firm KPMG, said there was a lot of truth to this perception across the region, from a historical perspective.

“I think we have passed this stage or we are certainly passing this stage where there is a lack of confidentiality. However, I think there is a lot more that can be done to strengthen privacy, ”he said on the radio.

This, he suggested, can be done through the adoption of legislation to protect personal and sensitive information, and through internal banking mechanisms through which those with access to confidential information are easily identified in the event of a breach. breach of confidentiality.

Glasgow has revealed that it does business with both CIBC First Caribbean and BOSVG.

And while the former has a regional and transparent online banking mechanism that offers ease of transfer between customers and in different currencies, the latter cannot be said.

He noted that certainly “people who do a lot of business transactions will be eager to know how the consortium will facilitate continuity with these types of transactions.”

The issue of accessibility, in its simplest form, boils down to the queues still visible outside the banks, regardless of the weather conditions.

Glasgow commented, saying the world is moving forward and the region needs to catch up.

“This is an opportunity for the consortium, led by BOSVG, to recognize that the status quo cannot continue. There must be a process of educating clients, but there must also be a process of improving internal IT systems to facilitate access to funds, accessibility to be able to do business, ”he said. declared.

Regarding the cost, the accountant referred to the interest spread, noting that the interest received on loans far exceeds what customers receive on savings in the bank.

“And you find that in more developed countries, more first world countries in the banking system, this level of interest spread is much lower than in that part of the world. This is going to be a concern, especially not just for institutions and business customers. This will be a concern for all calibers of customers, ”Glasgow said.

Reflecting on the past 15 years, the independent financial services provider noted that SVG had a number of banking institutions present, including Barclays Bank, CIBC, RBTT, Bank of Nova Scotia and St Vincent Co -operative Bank.

He noted that CIBC First Caribbean and RBTT are on the verge of becoming part of a consortium.

“And although the names of the banks making up the consortium are different, there is still a perception that these banks, these native banks are part of a single group of native banks, which are subject, due to their ownership structure, to the property. and leadership by government institutions, ”Glasgow said. “So there is, and there has been, concern expressed about the level of the percentage of banking activities that is going to be controlled by native banks. This is something that obviously native banks will have to deal with, both in terms of perception and in terms of reality.

The consortium’s agreement to acquire the business of CIBC First Caribbean was signed on October 12, 2021 and is subject to regulatory approval and customary closing conditions.


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Bank Nova Scotia Halifax Pfd 3 – Consensus Says Potential 16.3% Hike https://islandcrisis.net/bank-nova-scotia-halifax-pfd-3-consensus-says-potential-16-3-hike/ https://islandcrisis.net/bank-nova-scotia-halifax-pfd-3-consensus-says-potential-16-3-hike/#respond Mon, 18 Oct 2021 10:30:56 +0000 https://islandcrisis.net/bank-nova-scotia-halifax-pfd-3-consensus-says-potential-16-3-hike/ Bank Nova Scotia Halifax Pfd 3 with ticker code (BNS) now have 3 analysts covering the stock. Analyst consensus indicates a “Buy” rating. The range between the high target price and the low target price is between 79.93 and 71.54 and has an average target of 74.33. With the stock’s previous close at 63.91, that […]]]>

Bank Nova Scotia Halifax Pfd 3 with ticker code (BNS) now have 3 analysts covering the stock. Analyst consensus indicates a “Buy” rating. The range between the high target price and the low target price is between 79.93 and 71.54 and has an average target of 74.33. With the stock’s previous close at 63.91, that would imply a potential rise of 16.3%. The 50-day moving average is 61.97 while the 200-day moving average is 63.53. The company’s market capitalization is $ 78,315 million. Visit the company’s website at: http://www.scotiabank.com

The Bank of Nova Scotia offers a variety of banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through the Canadian Banking, International Banking, Global Banking and Markets, and Global Wealth Management segments. The company offers financial advice and solutions, as well as everyday banking products, including debit and credit cards, checking and savings accounts, investments, mortgages, loans and personal insurance; and business banking solutions comprising loan, deposit, cash management and trade finance solutions for small businesses and commercial customers, including auto finance solutions for dealers and their customers. It also provides wealth management advice and solutions, including online brokerage, mobile investing, full-service brokerage, trust, private banking and private investment advisory services; and retail mutual funds, exchange-traded funds, liquid hedge funds and institutional funds. In addition, the company offers international banking services for individuals, businesses and commercial customers; and lending and transaction services, investment banking advice and access to capital markets for corporate clients. In addition, it provides Internet, mobile and telephone banking services. The company operates a network of 952 branches and approximately 3,540 automated banking machines in Canada; and approximately 1,400 branches, 5,200 ATMs and 22 contact centers internationally. The Bank of Nova Scotia was founded in 1832 and its head office is located in Halifax, Canada.

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Zimbabwean bank bosses accused of stuffing billions into offshore accounts https://islandcrisis.net/zimbabwean-bank-bosses-accused-of-stuffing-billions-into-offshore-accounts/ https://islandcrisis.net/zimbabwean-bank-bosses-accused-of-stuffing-billions-into-offshore-accounts/#respond Sat, 16 Oct 2021 20:59:24 +0000 https://islandcrisis.net/zimbabwean-bank-bosses-accused-of-stuffing-billions-into-offshore-accounts/ Matanda-Moyo – ZACC Zimbabwean bank CEOs are wasting their income in foreign currency instead of going to the local financial institutions they run, Zimbabwe Anti-Corruption Commission (Zacc) chairperson Loice Matanda-Moyo revealed ( photo), citing a survey conducted by his organization. . DUMISANI NYONI Zacc’s boss said bankers were wasting money overseas. They only keep local […]]]>
Matanda-Moyo – ZACC

Zimbabwean bank CEOs are wasting their income in foreign currency instead of going to the local financial institutions they run, Zimbabwe Anti-Corruption Commission (Zacc) chairperson Loice Matanda-Moyo revealed ( photo), citing a survey conducted by his organization. .

DUMISANI NYONI

Zacc’s boss said bankers were wasting money overseas. They only keep local currency accounts, but they receive substantial amounts of hard currency in the form of salaries and benefits.

It comes as Permanent Finance Secretary George Guvamatanga, former managing director of Barclays Bank Zimbabwe, told a local weekly in an interview last week that he was paid millions of US dollars overseas.

Guvamatanga said this in a bid to justify his lavish 50th birthday and reckless spending on a razzmatazz night featuring South African musicians which he paid five times more than the agreed performance fee.

Many Zimbabwean businessmen, including tycoons like Billy Rautenbach and some unknown entrepreneurs, mostly of Asian (Indian) origin, have bank accounts in Switzerland and other financial jurisdictions abroad.

A report from the Organized Crime and Corruption Reporting Project on how Zimbabwean tycoon Kudakwashe Tagwirei made his money from the Trafigura group indicates that he has an offshore account with a Swiss bank.

Rautenbach’s business empire was also revealed last week in the Pandora Papers, the world’s elite’s biggest covert financial deal leak. While it is not illegal to open an offshore account, complying with currency control and money laundering regulations is still a moot point in money transfer.

Hawks News – who works with various international investigative journalism networks – saw a long list of 700 names of Zimbabwean businessmen with bank accounts in Switzerland in a massive database that has yet to be released.

A mysterious local businessman had around US $ 150 million in his Swiss account, but the money was quickly withdrawn to US $ 7,000 within four years before the account was closed.

Details are given in the database. Some have bank accounts and properties in Dubai, for example a socialite operating in the aviation industry space. She has a property in Dubai.

Addressing delegates at the 2021 Zimbabwe National Chamber of Commerce (ZNCC) congress in Victoria Falls this week, Matanda-Moyo said the failure of CEOs of financial institutions to bank their money with their own banks, as their study shows, further erodes confidence in the banking sector.

“Confidence is very essential and if we are to move forward we really need to build confidence. Let’s look at the banks. Bank CEOs do not deposit money with banks. We conducted this investigation, ”she said.

“So if the CEO of a bank doesn’t trust his own institution, who is going to deposit the money in those banks?” Anybody. This is the highest level of corruption. So we want to implore the CEOs of the banks to start doing banking operations, especially foreign currencies, in their banks, and then everyone will start putting their money in the bank, ”said Matanda-Moyo.

Zacc’s revelation that the CEOs of Zimbabwe’s banks, who are paid in hard currency, do not bank locally, is a surprising development that speaks to the level of confidence in the local financial system and policies.

Research shows that overseas banking Zimbabweans prefer Switzerland, Dubai, Mauritius and the Cayman Islands, a British overseas territory that encompasses three islands in the western Caribbean Sea.

Confidence in Zimbabwe’s banking sector is at an all-time low as individuals and businesses no longer trust the system. Bank closures and abuse of depositors’ funds were hallmarks of the factors that led to the erosion of confidence in the financial system.

Zacc’s boss accused the country’s private sector of being the main driver of corruption in the country.

“I think the private sector, you are the main culprit of corruption in Zimbabwe. We only started in government because we realized that if we started with the private sector, there would be an outcry as to why we started with not the government? Corruption in the private sector is the one that really damages Zimbabwe’s economy, ”said Matanda-Moyo.

“Take, for example, tax evasion. Most businesses and individuals do not pay taxes. We have incorrect declarations at points of entry. When you import your goods, you misstate the values ​​of those goods. On import, we have found that you love to inflate the numbers. Why? Because you will have outsourced most of the money, ”she said.

“That’s why you’re wrong, and then you go back to saying these machines cost US $ 20,000 when they cost US $ 2,000. When you export, you minimize the prices. Why? Because you don’t want to pay the duties associated with that export. Matanda-Moyo said he investigated the export of tobacco to the Netherlands and found that tobacco companies had miscalculated export figures.

She said that in 2019 Zimbabwe’s National Statistics Agency had export figures well below the figures obtained independently by Zacc from the country’s trade destinations. Tobacco export figures to the Netherlands, for example, have shown that exporters grossly underestimate their numbers in that country, hurting the tax collector.

“It’s private sector corruption. So you can see the amount of corruption perpetrated by the private sector, ”she said. – New hawks


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Credit unions welcome youth initiatives into budget | Local company https://islandcrisis.net/credit-unions-welcome-youth-initiatives-into-budget-local-company/ https://islandcrisis.net/credit-unions-welcome-youth-initiatives-into-budget-local-company/#respond Sat, 16 Oct 2021 00:32:00 +0000 https://islandcrisis.net/credit-unions-welcome-youth-initiatives-into-budget-local-company/ The board of directors of the Central Financing Facility (CFF) of local credit unions yesterday welcomed the fact that the 2022 budget presentation contains initiatives in favor of youth entrepreneurship, as these were in line with the proposals submitted by CFF to the Ministry of Youth Development and National Service.Among the proposals submitted by CFF […]]]>

The board of directors of the Central Financing Facility (CFF) of local credit unions yesterday welcomed the fact that the 2022 budget presentation contains initiatives in favor of youth entrepreneurship, as these were in line with the proposals submitted by CFF to the Ministry of Youth Development and National Service.
Among the proposals submitted by CFF were the credit union movement to mentor youth cooperatives that engage in import substitution and export earnings.
In a press release yesterday, CFF said the minister’s message was well aligned with CFF’s resilience-building initiatives with non-financial cooperatives and the psychological support provided to displaced youth.
In his speech at the annual post-budget breakfast on October 8, Youth Development and National Service Minister Foster Cummings focused on youth diversification and entrepreneurship.
Cummings highlighted how his ministry was able to strategically promote the work of CFF and the credit union movement as a whole.
He said this was of particular importance to the ministry and linked it to Vision 2030, saying it was a key factor in the country’s recovery from Covid-19.
Fifty-two participants from eight local credit unions attended the “zoom platform” event.
CFF said the Virtual Thought Leadership Meeting was designed to discuss and review the many lessons learned and adjustments made by the movement, as the entire nation continues to be challenged during this era of the pandemic. Of particular interest was how this relates to changes in the financial lives of members (and consumers in general).
During the meeting, light was also shed on how strengthening the capacity of the credit union to adapt to changing financial circumstances of consumers could play a role in encouraging people to come together and take ownership of sustainable businesses to help revive the economy.


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