An OpEd By: Zhavargo Jolly, PNP All Island Candidate
For far too long, the people of Turks and Caicos Islands have endured an outdated, inequitable, and often demeaning banking system. From broken ABMs to endless lines in the scorching heat, it is abundantly clear that our financial institutions have failed us.
What’s worse, when homegrown solutions emerge to fill these glaring gaps, they are met with government resistance rather than support. This cannot continue—our people deserve better.
The Failure of Traditional BanksLet’s start with the facts: the traditional banking system in Turks and Caicos is broken. It does not serve our needs.
Non-functioning ABMs: Across Providenciales, Grand Turk, and the less populated islands, ATMs routinely fail to dispense cash or accept deposits. Imagine working hard for your money only to be denied access to it when you need it most.
Unreliable Digital Platforms: While banks encourage us to “go digital,” their systems often crash. For our elderly, navigating this digital maze is not even an option. Why should they suffer? Are our parents, grandparents, and senior citizens to be left stranded just because the system doesn’t work?
Endless Lines: Long lines outside branches, under the blazing sun, are now a norm. Elderly customers are left to endure these indignities just to withdraw a few dollars. This is a disgrace. Where is the humanity?
Neglect of Less Populated Islands: Places like North Caicos, Middle Caicos, South Caicos, Salt Cay, and even Grand Turk are left with limited or no banking services. Business owners are forced to travel with large sums of cash—at their own risk—simply to make deposits.
This system has not only failed us, but it also shows blatant disregard for our dignity and basic needs.
Local Solutions Deserve Support
It is no surprise that local financial institutions like Turks and Caicos Islands Capital have stepped up to fill the void left by these banks. They offer hope to civil servants, small business owners, and working families—ordinary Turks and Caicos Islanders who have been ignored for far too long.
These institutions are not here to replace banks but to complement them. They offer tailored financial solutions that serve our people, with fairness and accessibility at the core. Yet instead of support, they face roadblocks from the very government departments that should champion their efforts.
Take, for example, the direct salary withdrawal system—a simple, effective proposal that would make financing for civil servants easier. Major banks and private lenders already benefit from this system. Yet when local financial institutions seek the same opportunity, the Accountant General cites “resource constraints.” Why? What makes local solutions less worthy?
This favoritism raises troubling questions. Why are foreign-owned banks prioritized over local initiatives? Why are Turks and Caicos Islanders denied the opportunity to lead, innovate, and succeed in their own country?
The Human Cost of Inaction
This is not just a financial issue—it is a human one. I recently witnessed an elderly woman struggling in the sun outside one of the major banks. Security refused to let her inside. I had to intervene to get her shelter, but the question lingers: how many others suffer silently every day?
Our parents, grandparents, and community members are treated as afterthoughts by a system that no longer respects them. Decisions about loans, accounts, and even banking policies are made overseas by executives who know nothing about our struggles or aspirations. Local bankers—who know our families, businesses, and dreams—are sidelined. This cannot stand.
Time for Fairness and AccountabilityThe Ministry of Finance must act decisively. Turks and Caicos Islanders deserve:
Accountability from Banks: Banks must be held responsible for fixing their ABMs, improving online platforms, and treating customers with dignity.
Equal Opportunity for Local Institutions: Local financial institutions must be given the same opportunities as foreign-owned banks to serve our people. Fairness is not negotiable.
Better Infrastructure for Less Populated Islands: Banking services must be expanded to North Caicos, Middle Caicos, South Caicos, Salt Cay, and Grand Turk. No one should have to risk their safety to access basic financial services.
Supporting local financial institutions strengthens our economy. It keeps money circulating locally, creates jobs, and builds a future where Turks and Caicos Islanders are at the forefront of progress.
A Call to ActionThe time for talk is over. The failures of the banking system are clear. The impact on our people is undeniable. We need a system that respects us, works for us, and includes us.
To the Civil Service: We have to do our part. Fix the gaps. Support local solutions in order to give Turks and Caicos Islanders the dignity and fairness they deserve.
To the banks: Serve us better! We helped build your institutions. It is time to show us the respect and service we have earned.
To my fellow Turks and Caicos Islanders: Demand better! Together, we can fix this broken system and build a future where fairness, equity, and dignity are no longer luxuries but rights.
The time for action is now. Enough is Enough, Fix Banking NOW!
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