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Speech

Mr. Speaker, the Banking Services Act permits a Deposit Taking Institution with the approval of the Supervisory Committee, to appoint an agent through which one or more of the banking services listed in that Act, will be offered.

The objective is to allow a widening of banking access channels beyond existing Deposit Taking Institutions’ branch networks and electronic access channels to include the use of third-party-owned locations that will offer banking services alongside their own products and services. This will also facilitate the government’s commitment to financial inclusion.

Mr. Speaker, it should be noted that this widening of the channels of delivery of banking services, to include non-bank agents, creates an increased risk to the financial services sector which has to be met with adequate regulation of this area.

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