Initiatives are being conducted in Barbuda to improve not just banking convenience, but also market liberalization in general.
Liberalization is the process of removing restrictions from a market or sector in order to promote the entry of new providers and, as a result, raise the level of competition. In a nutshell, it refers to efforts to remove entry barriers to make a market more competitive.
Barbudans have often complained about the challenges they face doing business on the sister island, especially after Hurricane Irma hit in 2017.
Hurricane Irma almost completely devastated the island’s infrastructure, causing many island inhabitants to fly to Antigua to complete transactions that mainland people take for granted.
After restoring their branch, ACB Caribbean, Barbuda’s only bank, reopened in 2019 and recently presented a webinar on “Doing Business in Barbuda.”
Anika Henry, Manager of Digital Banking at ACB Caribbean, stated, “ACB Caribbean is devoted to the growth and development of enterprises in Barbuda.”
“We’re thrilled to be bringing Digital Banking to Barbuda and assisting our customers with banking outside of the lines,” she says.
“The bank acknowledges the need to adapt to the digitizing world,” according to Henry, who emphasizes the benefits of adopting technology in a safe, efficient, and cost-effective manner.
“One of the things we really want to emphasize is for us to start using digital banking because it saves you time. It’s just one of the things we know will help us advance as a society as a whole,” she stated.