MITCHELL: NO TO SIX MONTHS WAIT TO OPEN BANK ACCOUNT
The Tribune newspaper in Nassau reported on the comments of the Chairman of the PLP Fred Mitchell on the banking survey released by the banks on customer satisfaction. Here is that report:
PROGRESSIVE Liberal Party chairman Fred Mitchell has dismissed a recent Central Bank survey claiming that 99 percent of bank account applications are approved, calling a headline about the story “the big chuckle of the week” and arguing that the statistic masks the frustrating reality many Bahamians face.
The Central Bank’s 2024 report — its first-ever survey on the ease of opening a bank account — found that 99 percent of 28,153 deposit account applications submitted in the first six months of the year were approved, with most decisions made “in less than a week” once all Know Your Customer (KYC) documentation had been submitted.
Fidelity Bank CEO Gowon Bowe, who presented the survey findings, said the data aimed to “demystify the myths and focus on the realities”, pushing back against public perceptions that the banking system is inefficient and inaccessible.
Mr Mitchell, however, said the numbers gloss over key barriers.
“The problem is we don’t need the account within six months,” he said. “We need it on the day we walk into the bank.”
He added that the survey ignores the time and effort it takes for customers to gather paperwork and clear administrative hurdles.
Despite the reported approval rate, the Central Bank acknowledged that six percent of applications remained undecided after six months, and another three percent were withdrawn due to prolonged delays.
Mr Mitchell cited his own recent banking experience as an example of the gap between statistics and customer reality. He said he tried to collect a credit card he had been told was ready for pickup, only to discover — after waiting 15 minutes in the bank and another 30 minutes in his car — that the card was at a different branch he had never used. When he arrived, the location had already closed.
“Twenty years ago, they simply mailed the darned card to me,” he said. “I felt like I was about to go the dentist for a root canal as I walked into the bank door.”
He also used the moment to challenge the assumption that inefficiency is limited to the public sector.
“People complain about the quality and efficiency or the lack thereof of public services,” he said. “But sacre bleu, the private sector leaves so much to be desired.”
Mr Mitchell has been a frequent critic of banking practices in The Bahamas, slamming high fees, sluggish service, and what he has described as a “forced” digital transition that overlooks the country’s unreliable internet infrastructure.
In a 2021 Tribune article, he sided with public frustration over excessive banking charges. By 2024, he renewed his criticism, arguing that digital banking is unjustifiable “when the internet doesn’t work here.”
In response to similar concerns, the Free National Movement has proposed sweeping reforms, including stronger Central Bank oversight of fees, expanded consumer protection through the Financial Ombudsman, and improved banking access for underserved Family Islands.
FNM leader Michael Pintard has urged the Davis administration to move from “rhetoric to action”, calling for a more inclusive banking system that responds to everyday Bahamians’ needs.