The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

A Cabinet minister yesterday suggested the Post Office Savings Bank can “fill the gap” and represent a viable solution to the financial inclusion crisis afflicting many Family Islands due to the commercial bank exodus.

JoBeth Coleby-Davis, minister of transport and housing, while revealing that the Post Office Department as a whole is forecast to generate $1.9m in revenue during the 2023-2024 fiscal year, added that enhancing its savings bank services could resolve the problems many Family Island businesses and residents face in gaining access to mainstream financial services.

“Efforts to improve the operations of the Post Office Savings Bank will also be given significant attention in this Budget period. Given the complaints we have heard from several Family Islands about the lack of banking services, the Post Office Savings Bank is being reviewed as a viable option to fill the gap created by the absence of commercial banks,” Mrs Coleby-Davis said.

She added that the Post Office has plans to digitise the postal service by allowing electronic payments, online purchases and package tracking. These services are expected to earn the postal service more than $1m annually in the first three years. The minister said Grand Bahama’s Post Office building will be designed to accommodate other government offices, thus reducing rental costs for the taxpayer, and it will also include courier services.

Mrs Coleby-Davis said “A major plan for the department in this Budget year is the development and creation of an automated counter and parcel delivery operation to facilitate electronic payment transactions, and online purchasing, along with track and tracing capabilities. I am advised that revenue intake from this operation in the first three years can exceed $3m.

“Plans are in motion for the redesign of the Post Office building in Grand Bahama to accommodate other government offices. This redesign will result in a multi-purpose facility, and will alleviate paying rent for several government buildings.

“With reference to the new General Post Office building, I can advise this house that plans are in progress. The new Post Office will include additional services, for example courier services, which will allow international packages to be delivered to your mailbox. “

On the Family Islands, Ms Coleby-Davis said automatic weather stations will be placed in airports in the Berry Islands, Andros and Abaco. She added that the meteorological offices in New Providence and Freeport will receive an equipment upgrade.

“For the 2023-2024 Budget period, the proposed expenditure for the Meteorology Department is over $2.4m,” Mrs Coleby-Davis said. “Plans for this budget period include the completion of storm surge risk model for the entire Bahamas, the installation of an additional six new automatic weather stations in the new airport in the Berry Islands, in North Andros, Central and North Abaco and North and South Abaco, the continuation of work on the Department’s Quality Management System toward ISO Certification, and the upgrade of all meteorological equipment at the forecast offices in New Providence and Freeport.”

Ms Coleby-Davis said the Aircraft Accident Investigation Authority will increase staff salaries, hire two additional investigators and continue training efforts in the upcoming fiscal year. “In 2023-2024, the Authority will add two investigators to build capacity to respond more effectively to major commercial accidents and serious incidents, increase AAIA salaries to reflect industry standards both locally and intertnationally and continue safety training programmes for aviation stakeholders,” she added.

“The re-current training of AAIA staff will also continue to ensure that the agency remains on the cutting edge of investigative techniques and technological advancements.”