In the 21st century, it simply is not possible to enjoy your political freedom or to operate in a free market economy if you don’t have a bank account. This applies to individuals but also businesses. I was shocked and surprised last week when the chairman of BOV stated that: “While I am willing to stand alongside any prime minister or minister that wants to make it easier [to bank], not everyone can get a bank account in Malta, nor should they.” He justified this quasi-dogmatic statement by saying: “It would be wrong to change a bank’s risk appetite unnecessarily”. If local commercial banks do not guarantee basic banking services such as the holding of a current/savings account, making or receiving payments including online payments, withdrawing cash from an ATM and paying third parties, this would be tantamount to second-class citizenship. It would also choke out entrepreneurship and start-ups which is key to economic growth and economic renewal. In today’s day and age, no business can operate without a bank account and basic banking services. Moreover, with cash and cheques being intentionally phased out, my point becomes more obvious and fundamental. Should local commercial...
