Agency Banking Proposes to Expand Financial Access Across The Bahamas

Source: Eyewitness News

The Central Bank of The Bahamas is moving to tackle the growing problem of financial exclusion in the Family Islands with a proposed agency banking framework designed to extend basic financial services to underserved communities.

According to a newly released consultation paper from the Central Bank, the initiative aims to address the steady depletion of physical bank branches on islands outside of New Providence and Grand Bahama, where smaller populations have struggled to maintain traditional banking infrastructure. “The challenge to achieving this objective is the archipelagic construct of The Bahamas,” the Bank noted. “Residents of these islands have in some cases been categorised as ‘unbanked’ and ‘underserved’, in so far as access is concerned.”