Banco Popular will begin operating on Virgin Gorda effective August 2019, according to Premier and Minister of Finance Honourable Andrew A. Fahie (R1). Photo: Flickriver/File

Premier and Minister of Finance Honourable Andrew A. Fahie (R1) has disclosed that other banking facilities will be explored for the Sister Islands. Photo: Facebook

Scotiabank closed its doors on the sister island of Virgin Gorda on August 31, 2018. Photo: VINO/File

Virgin Gorda has been without a physical bank since August 2018 following the departure of Scotiabank. CIBC FirstCaribbean had closed months earlier. FirstBank had been the first banking facility to exit the Sister Island of Virgin Gorda.

Residents with VG faced with hardships

According to Premier Fahie, Banco Popular, with the assistance of the Government of the Virgin Islands, will begin operating a physical branch on Virgin Gorda effective August 2019. The Leader of the Opposition noted that work will begin on the physical structure of the bank as soon as next week.

Giving credit to Minister for Natural Resources, Labour and Immigration and Ninth District Representative Hon Vincent O. Wheatley; At Large Representative and Junior Minister for Tourism, Shereen D. Flax-Charles and At Large Representative and Junior Minister for Trade and Economic Development, Honourable Sharie B. deCastro for the development, Premier Fahie said it would be a return of critical banking facilities on Virgin Gorda and ease the difficulties for residents of the Sister Island.

“Mr Speaker, imagine having to brave the waters and travel on a regular basis to Tortola from Virgin Gorda, stand in a long bank line to have transactions done and sometimes return home without being successful…Can you imagine this? Can you imagine what our people of Virgin Gorda had to endure daily as a result of not having any physical facilities on Virgin Gorda.”

The Premier said traveling to Tortola presented quite a challenge for the residents, who had complained bitterly about the lack of banking services and the hardship they were made to endure.

Further, Premier Fahie said businesses were particularly affected as it means they have to travel with large amounts of cash to and from the island, which presented as “safety risk.”

NDP Administration ‘dropped the ball’

It was noted by Premier Fahie, that Scotiabank had given the previous [National Democratic Party] administration adequate notice of their closure but there were no concrete efforts to either discourage such an action or to encourage another institution to set up on the island in order to avoid any gap in banking services provided to the people of Virgin Gorda.

The Premier said an ATM machine was provided; however, he was made to understand that the machine on many occasions was unable to adequately supply the people with any cash or services, largely due to the high demand and usage.

Meanwhile, it was also disclosed by Premier Fahie that "the most feasible and efficient methods of banking" will also be explored on other Sister Islands.