Barbadian Electronic Banking Report Reveals Lack Of Enthusiasm For E-Business

by Amanda Banks, Tax-News.com, London

14 November 2002

The Guidelines to Electronic Banking recently released by the Central Bank of Barbados have revealed that the jurisdiction is not quite ready for the widespread introduction of internet banking services, according to a Nation News report on Tuesday.

The Central Bank report, unveiled last week by Governor, Dr Marion Williams suggested that it may be a further two to three years before local commercial banks are ready for retail e-banking, arguing that:

'A further education of both the private and public sector on the benefits of using some of these more 'sophisticated' banking services may be warranted before there can be a surge in the use of electronic banking, or before there is a general acceptance of electronic banking.'

The Electronic Banking Guidelines also observed a certain lack of interest in the provision of e-commerce facilities by the Barbadian private sector:

'Most commercial entities in Barbados have not effectively acknowledged the need for e-commerce and, in some cases, may have determined it is not cost-effective to offer such services,' the Central Bank revealed.

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