Caribbean Association of Banks urges financial institutions to prepare and plan now

The Caribbean Association of Banks (CAB) says it is now evident that it will no longer be “business as usual” for the foreseeable future in the face of the COVID-19 pandemic.

The association stressed that the illness poses a significant and unprecedented threat to the global economy.

It therefore has recommended that—given the pivotal role of banks and other financial institutions in the macroeconomic stabilisation of economies—countries should consider reviewing business continuity plans.

“The time for preparation and other planning is now. It is imperative that consideration be given to measures that may be implemented to address the immediate to short-term impact of the pandemic…,” the CAB insisted.

It also urged countries to assess work-from-home capabilities and increased sensitisation of online-banking, ATM and point-of-sale services. The association stressed the importance of having customers utilise avenues that reduce the level of interaction with employees and others to reduce the spread of COVID-19.

The CAB is a community of banks and other financial institutions in the Caribbean region which represents 56 banks and financial institutions in the Caribbean with an asset base of over US$41 billion.