The commercial banking sector is being criticised again for failing to provide the services necessary for e-commerce to take place in The Bahamas.
Companies like BahamasB2B, and Bahamian web development companies, have for years been capable of offering customers the web infrastructure neccessary for online sales. But banks have been reluctant to “step up to the plate”.
Despite the clamouring about e-commerce being a “third pillar” of our economy, commercial banks have failed to provide the merchant accounts and credit card processing necessary for that to become a reality.
With the Registar-General’s office set to go live with a system allowing online fee payments, the only thing holding them up is the lack of an ability for site users to actually pay online. Minister of Financial Services, Allyson Maynard-Gibson, has called for banks to step forward and fulfill their part of the commitment to conduct e-business in The Bahamas.
Lisa Wells, of BahamasB2B, has spoken with executives of “almost every bank in Nassau.” Despite assurances, over the past three years, that they are working on the problem, none of the banks have been able to provide a timetable for when online processing would be made available.
The BFSB’s e-Business Working Group was informed two years ago by former BahamasB2B webmaster, Duke Wells, that the only real impediment to e-commerce in the Bahamas, “are the banks.” Mr. Wells pointed out that all other conditions, while not as good as they could be, would still allow e-commerce in The Bahamas. He said despite the groups focus on infrastructure and related concerns, the e-concept could never really “catch on” until merchants here could process sales online without having to use international credit card processing companies.
Wells later reduced his participation in the group when it became obvious that, despite their influential position, they intended to do nothing about this onerous ommission.
BahamasB2B, among the first in the country to recognise the importance of e-commerce to The Bahamas, set up an online shopping mall for Bahamian merchants almost two years ago.
Axxess International agreed at the time to provide credit card processing for the venture, launched in conjuction with BAIC. After announcing the programme with much fanfare, and receiving very favourable press coverage, Axxess dropped the ball by refusing to approve a single merchant and apparently never even reviewing the applications. BahamaB2B has never been able to replace the bank with one willing to provide the necessary services.
