NASSAU, BAHAMAS – Free National Movement (FNM) Leader Michael Pintard has endorsed the Central Bank’s recent announcement that it would explore reforms in the banking sector, urging the Davis administration to take the lead in introducing a comprehensive banking reform package.
Pintard welcomed the Central Bank Governor’s announcement that it is considering a requirement for all banks to offer a low-fee ‘basic account’ and aims to prohibit merchant overcharges on credit card transactions, highlighting these initiatives as critical steps toward enhancing financial inclusion in The Bahamas.
He emphasized that the government must ensure local banks adopt these measures to provide more affordable banking options for citizens. According to Pintard, these reforms should include eliminating unjustifiable charges, introducing low-fee or no-fee accounts for specific market segments, re-establishing branch banking in Family Island communities, and encouraging new Bahamian investments in banks and financial institutions.
Pintard cited CIBC’s recent third-quarter financial reports, which show a year-on-year increase in profitability. “CIBC’s strong performance, consistent with positive results from most financial institutions in the country’s commercial banking sector, supports the FNM’s position that there is ample opportunity within banks’ frameworks to introduce low-fee or no-fee accounts for low-income earners, students, and senior citizens on modest fixed incomes,” he noted.
He further urged the government to take inspiration from regional neighbors like Barbados and Belize by implementing measures aimed at greater financial inclusion and more affordable banking options. While the FNM fully supports the Central Bank’s efforts to protect consumer interests, Pintard insisted that the Davis administration must lead these initiatives.
“It is time for our government to demonstrate true leadership,” he urged.
Pintard concluded by reiterating his call for the Davis administration to present a comprehensive banking reform package that eliminates unjustifiable charges, introduces low-fee or no-fee accounts for targeted market segments, reestablishes branch banking in Family Island communities, and fosters new Bahamian investments in banks and financial institutions.
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