( From What’s App 25 February 2022)
The Central Bank is in need of new, visionary, caring and patriotic leadership.
I am all for digitization and for use of *appropriate technology*. But these efforts by the Central Bank and geared towards control. People should be able to choose among options in a democracy. Money and checks are required in The Bahamas. The electronic payment methods are not sufficiently reliable. Central Bank leadership are out of touch with the regular Bahamian economy.
Money comes in many forms. Money needs to be reliable – able to be accepted for the transaction not 98% of the time but 100% of the time. Cash always works!
I can easily see transactions being delayed or denied because of *”system issues”*. Why are we always trying to force things on our citizens rather than persuading them? There are some people in this country that will never go digital.
I myself have moved back from digital transactions. I paid a landlord by direct bank transfer. There was acknowledgement of the funds transfer by my bank. A month later the landlord inquired about the rent. He had not received the funds. When we checked, the funds were never transferred by the bank even though there was acknowledgement of the transfer. I provided post-dated checks to the landlord to ensure he is paid on time every month. I do not trust the banks!
Recently my debit card bounced because of *”system issues”*. I do not trust the debit cards. They know the system is dysfunctioning and they fail to notify you.
The communication systems do not work reliably. You are on a phone call and the phone just disconnects or they start playing some phone company ad.
The Bahamas is not a real place. The Central Bank oversees a system where it takes two days to clear a check and they think this is okay. They brag about it. We can manually clear checks in less than 10 minutes if it was managed properly. We have no standards and cannot be trusted to do our jobs properly. Any day that someone doesn’t come to work, the system stops around here.
If the Central Bank wants to help, they should cause the banks to set standards where a business account would be opened in less than 30 minutes or done online. They can cause the banks to introduce systems where a person can scan a check and communicate that check to the bank for processing using their phone.
The Central Bank of The Bahamas is an instrument of slavery. Everything, every programme, every system they introduce us designed to deliver you into the hands of someone who will extract money from you for services you don’t want or need or worse – for no service at all. We are economic batteries being exploited for our labour!
We need choices. We need options. The banks need competition. We need financial freedom.
Why do they confiscate your money if you try to take it out of the country without telling them? This is a stupid law but an element of financial slavery. We need to be empowered.
The Central Bank needs to be re-engineered! The Central Bank needs new, progressive, nationalistic leadership!
The Bahamian people need to keep a keen eye on The Central Bank of The Bahamas. It is an instrument of slavery!