The Tribune

EDITOR, The Tribune.

I am writing to shed light on a matter that holds significant importance for the residents of our beloved family island, Andros. The absence of adequate banking infrastructure and services is posing numerous challenges and hindrances to the growth and development of our community; particularly North and Central Andros.

First and foremost, the need for a stable and accessible banking infrastructure arises from the ever-growing demand of residents, businesses, and tourists alike. Our family island, with its unique natural beauty and rich heritage, has witnessed a gradual increase in population and tourism inclusive of winter residents over the years. Unfortunately, the current arrangement of a single ATM serving both North and Central Andros has proven to be highly inadequate, leaving residents facing significant hardships and inconveniences.

One of the major challenges is the long wait times that residents have to endure while standing in line outside in the scorching sun or heavy rain. The limited access to financial services forces people to travel long distances from various parts of the island to utilise the ATM. These individuals often have to endure exhausting journeys only to discover that the ATM is either out of service or out of cash. This not only wastes valuable time and resources but also hampers their every day lives, affecting their ability to conduct basic financial transactions in a timely manner.

The situation is particularly alarming for businesses operating on the island as they heavily rely on prompt and accessible banking services. The lack of a local banking infrastructure impedes their ability to make regular deposits, access loans, and efficiently manage their financial operations. This not only hinders their growth prospects but also limits their capacity to contribute fully to the island’s economic development.

The establishment of a banking institution on our family island will bring about numerous benefits, not only for residents but also for the bank itself. Here are a few reasons why such an infrastructure is crucial:

1. Enhanced convenience: with a local banking branch, residents will have easy access to essential banking services, including deposits, withdrawals, loans, and other financial transactions. This will save time and money, which currently gets spent on traveling to the nearest banking facilities on the mainland.

2. Encouraging Local Economic Development: A local banking infrastructure will support the growth of small businesses, enabling entrepreneurs to establish and expand their enterprises. Additionally, it will attract investments, facilitate financial planning, and enable successful implementation of large-scale development projects on our family island.

3. Tourism support: Our family island is known for its scenic beauty and draws tourists annually. A local bank will allow visitors to access convenient financial services, exchange currencies, and utilise credit/debit cards without any inconvenience. This will help in promoting tourism and ensuring a delightful experience for travellers.

4. Strengthened Trust and Customer Base: by establishing a local presence, a bank can build trust within the community and develop long-lasting customer relationships. This will not only foster loyalty, but also enhance the bank’s reputation, leading to a broader customer base. Increased customer satisfaction will further contribute to the overall growth and profitability of the bank.

In conclusion, the absence of a reliable banking infrastructure on our family island severely hampers our progress and potential. The current arrangement with a single ATM for North and Central Andros, brings about unnecessary hardships for residents, who have to endure long wait times and travel difficulties. Establishing a local banking branch will not only cater to the growing needs of the residents and businesses but also prove mutually beneficial for the bank operating on the island.

I urge concerned authorities and banking institutions to take immediate action and consider investing in our community’s financial future. The benefits will be far-reaching and positively impact the lives of all those residing on our family island.

CONCERNED CITIZENS

OF NORTH AND

CENTRAL ANDROS

July 21, 2023.