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TCI Bankers & Finance Meet

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By Deandrea Hamilton

Editor

 

#TurksandCaicos, March 16, 2022 – Members of the Turks and Caicos Bankers Association met with the Minister and Permanent Secretary of Finance on Tuesday in order to assess how and what improvements could be had in the commercial banking sector.

Magnetic Media was given a sneak peek into the meeting at the Office of the Premier, where some Banking executives attended in person, others participated virtually.

The hybrid meeting was called by E. Jay Saunders, the Minister of Finance, Investment and Trade and the TCI’s Deputy Premier.

“The whole idea behind it was to get an idea of the challenges that are being faced by consumers and bring banking into the 21st-century.  We basically want to modernise.  I think we’re certainly behind where a number of other countries are right now, I don’t think it is because of a lack of technology…”

The Minister, who is also heading the TCIG’s digital transformation, said he believes some problems are due to c.

To the Bankers he expressed that he also wants to support their initiatives and advancements, “I want to help you guys to be able to roll out any new products and services and make sure you are not de-banking in the Family Islands and as you know with the Premier and how he feels about it: de-risking.”

Consumers should benefit from the collaborative effort.  We asked about better services and better access to money for the marketplace; a set of points passionately raised by the Premier in a strong message about issues he has with Banking services.

A strong message was sent last year, ahead of the UK Overseas Territories Joint Ministerial Council Meeting held in London in November 2021.

“Like minds meeting together to solve or to provide solutions could really and truly only benefit the people of the Turks and Caicos Islands. So having constructive conversations like these with key decision makers and stakeholders could definitely benefit the market,” said Marcus Samuel, RBC Country Head.

Ironically, the surging popularity of the technology companies billions of people are enjoying may be the catalyst to banking services which some characterise as archaic, disconnected or expensive.

“I think there is the opportunity to communicate more, there is a lot of change happening in financial services, it is not unique to Turks and Caicos, it’s happening at businesses across the globe.  When looking at what is happening in businesses and commerce in general, what we are seeing is a digital and electronic evolution or revolution – depending on how you want to look at it – and if banks are in the same place, and they don’t make those changes, banks will become irrelevant.”

Roger Archer, Vice President & District Head Caribbean North said this invasion of financial services in small jurisdictions like the Turks and Caicos by these international internet juggernauts is making it a lot harder for banks going forward.

“Our competitors are not necessarily the ones around the table.  We have Google, we have Facebook – these are all entities which are looking to get into Financial Services.  They are breaking it into small pieces and they’re taking the pieces that are more profitable.”

Banks have to adapt to ensure their model is sustainable.  So the reality is banks have to adapt but there is an opportunity to communicate with our consumers as we go through the process.”

Minister Saunders candidly shared his thoughts on the long term goals for the banking sector.

“We are behind where other countries are right now and I don’t think it’s because of a lack of technology. I think culturally we have certain things. For example standing in line isn’t as bad for us as it is for some other people. We use it as a way to socialize. We have to get rid of that.”

Association Members present in the meeting were British Caribbean Bank, RBC Bank, CIBC First Caribbean, Scotiabank and Bordier Bank.

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ELECTRICITY BILL SHOCKER: PELICAN ENERGY WARNED GOV’T

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TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response

PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.

Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.

That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.

Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.

He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.

Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.

Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.

Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.

Saunders did not disclose the programme’s total cost.

His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?

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Bahamas News

More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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Health

47,459 MEASLES CASES, 44 DEATHS ACROSS AMERICAS  

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WASHINGTON, D.C. — The Americas has recorded 47,459 confirmed measles cases and 44 deaths in 2026, the region’s highest case count in 22 years, prompting the Pan American Health Organization (PAHO) to urge stronger vaccination, surveillance and rapid outbreak response.

As of July 18, cases were already more than triple the 15,011 recorded during all of 2025. Guatemala, Mexico, the United States and Peru account for 95% of confirmed cases. Guatemala leads with 30,371 cases and 26 deaths, followed by Mexico with 12,255 cases and 17 deaths.

PAHO classifies the regional public health risk as very high, citing active outbreaks, immunity gaps, international travel and populations with inadequate vaccination coverage.

The organization says prevention starts with vaccination. Countries are being urged to achieve and maintain at least 95% coverage with two doses of measles-containing vaccine, particularly protecting children and under-vaccinated communities.

Measles spreads through the air when an infected person breathes, coughs or sneezes. Symptoms can include fever, cough, runny nose, red eyes and a rash.

PAHO is urging health authorities to detect suspected cases early and respond rapidly to stop transmission. Unvaccinated and under-vaccinated people, young children and communities with limited healthcare access face increased risk of severe illness and death.

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