Underscoring the importance of digital solutions in the modern world, Finance Minister Colm Imbert says fiscal 2024 will see greater attention being paid to ensuring that both businesses and their customers are more comfortable with utilizing electronic platforms for payments.

While presenting the 2024 national budget in the House of Representatives on Monday, Minister Imbert revealed that more than half of businesses in T&T do not have business bank accounts- and an even larger percentage don’t accept digital payments.

“The statistics are illustrative- 72% of businesses do not have a business bank account, 88% do not accept digital payments. And 55% of individuals do not now have the knowledge to use mobile or web online banking,” Minister Imbert disclosed during his four-hour long presentation in the Lower House.

He lamented, ““This is an unacceptable situation in the modern era and we must fix this. We need to move into a modernized financial landscape as soon as is practical… Our digital agenda is seeking to expand the financial inclusion landscape.”

Reinforcing that “we must make as many citizens and businesses as possible knowledgeable and comfortable with digital banking and digital payment solutions”, the Minister announced an inclusive program targeting both groups.

“Cash is still the dominant payment method for bills, purchases, etc. To correct this, we are developing a National Financial Inclusion Road Map to alleviate the challenges and barriers currently faced by the financially excluded.”