Prime Minister Speaks Up for Cash in the Caribbean

Jun 7, 2024


St. Lucian Prime Minister Phillip J Pierre has spoken in favour of cash, citing its fairness and inclusivity and voicing concerns over Caribbean banks moving towards cashless service.

Caribbean National Weekly (CNW) says the Prime Minister is ‘urging a re-evaluation of cashless policies’ and has ‘voiced his strong opposition to the elimination of cash transactions,’ pointing out that eliminating cash as a payment option risks excluding people including the elderly and those unable or unwilling to switch to digital financial services.

Citing mandates in other regions requiring a certain level of cash accessibility—such as UK legislation requiring banks and building societies to provide free cash withdrawal facilities within three miles of consumers and businesses—Pierre spoke out following an announcement by a St. Lucian bank that it plans to transition to fully cashless transactions.

CNW reports Pierre will discuss the matter with other Caribbean finance ministers, and will advocate for ‘maintaining diverse transaction methods to cater to all societal segments.’

Last Updated: Jun 7, 2024