Amid complaints of rising fees to maintain a bank account, Central Bank Governor Cleviston Haynes is assuring Barbadians that efforts are afoot to update the guidance policy for the industry in short order.
Speaking at Friday’s monthly meeting of the Barbados Association of Insurance and Financial Advisors at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael, Haynes said a recent report by the Inter-American Barbados Survey of Living Conditions showed almost 100 per cent of people surveyed had either a savings or chequing account.
“But we cannot afford to take it for granted. There are some real risks to financial inclusion, [three of which are] access to credit, anti-money laundering and combating the financing of terrorism standards and bank fees,” he said.
Haynes explained that banks historically generated most of their income from the differential between interest income and interest expenses. (RA)
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