Bank services are no longer up to scratch. Dialogue is needed to fix that

Most businesses continue to face tough times as they attempt to overcome obstacles, both old and new-old, in their drive to provide goods and services to the community. The post-COVID business bounceback is being made all the more challenging by rapidly rising inflation, accelerated changes in consumer behaviour and persistent problems in dealing with banks.

A survey conducted by the Chamber of SMEs has highlighted various gripes of the business community which it has raised consistently in recent years. Access to finance and adequate banking services are a top, pressing worry. Small enterprises claim that bank charges and bureaucracy remain major hurdles to conducting their business.

Opening a bank account is no longer an easy process that can be completed within a few weeks. It is a misconception, though, that this is only a local phenomenon, although locally the situation may have been made worse by years-long, self-inflicted reputational damage.

The country’s reputation as a high-risk geographic location engaged in economic activities shunned by many western countries has led to an increase in scrutiny from anti-money laundering institutions like the FATF as well as from...