In a bold stance against the increasing trend of banks in the Caribbean moving towards cashless transactions, St Lucia Prime Minister Phillip J Pierre vows to seek regional support to address this concerning issue. Pierre expressed his dismay towards the notion of excluding individuals, especially the elderly and those from rural areas, who rely on cash transactions in banks. He emphasized the importance of preserving accessibility to financial services for all citizens in the region.
Pierre highlighted several troubling practices by banks, calling attention to the disproportionate burden placed on vendors and taxi drivers to provide proof of income when engaging in currency exchanges. He challenged the justification of such stringent measures, questioning the necessity and implications of suspected money laundering in everyday transactions.
In response to these challenges, Pierre announced his intention to engage with fellow ministers of finance in the region to address these issues collectively. He advocated for reconsideration of the cashless transaction policies by banks and stressed the need for a more inclusive approach that accommodates individuals without access to digital payment methods.
As Pierre stands firm against discriminatory banking practices and advocates for financial inclusion, he emphasizes the importance of upholding the rights and access of all citizens to essential financial services. His commitment to representing the interests of marginalized communities underscores the necessity of fostering equitable and accessible banking practices throughout the region. It is imperative for stakeholders to re-examine existing policies and work towards creating a more inclusive financial ecosystem that caters to the diverse needs of all individuals.
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