NASSAU, Bahamas, CMC – Prime Minister Philip Davis, Tuesday, dismissed suggestions that the state-owned Post Office Savings Bank is a “relic” and should be closed, saying more than 35,000 Bahamians hold accounts there.
Speaking at the soft opening and renaming of the Shirley Street Post Office in honor of. John V. Saunders, who gave 40 years of his life in service to the institution, Prime Minister Davis told the audience that new accounts continue to open across the country.
“There are pensioners, working families, fishermen, farmers, and small business owners who built their financial security through this institution because it was there, serving our people when other options were not.
“Those who speak loosely about dismantling this service should consider the human impact of what they are proposing. Their plans were made in ignorance of the true value of our post office. But we know better. ”
He said that this is why his government is investing and expanding the services on offer, adding that “this administration raised the deposit cap from US$6,000 to US$10,000.
“We committed to sustaining a five per cent interest rate at a time when the commercial banks are offering less than one per cent: the same commercial banks that left our islands hanging with no options for banking. These banks are private institutions. They operate on a profit basis.
“But the well-being of our people should never be subjected to the whims of a corporation’s shareholders,” Prime Minister Davis said, adding that he believes the government has a mandate to serve people on every island in the archipelago, not based on profit, but based on need.
“And if the banks want to return, they are always welcome to serve alongside the government.
How could you tell “mum”, who has been saving her pension in the Post Office Savings Bank, that you are getting rid of a bank she’s used for countless years?
“Try telling our fishermen who return from a hard day’s work to deposit their money in the Post Office Savings Bank that you are putting an end to the five per cent interest they’ve been getting on their money, so a commercial bank can come in and offer far less.”
Davis said that the only thing that getting rid of the Post Office Savings Bank would accomplish is the destabilization of the Family Island communities, the unemployment of 98 t workers serving the Family Islands, and the stranding of thousands of unbanked Bahamians with nowhere to go.
“So, closure is never an option, which is why we are committed to expanding, modernizing, and strengthening the post office to continue to meet the needs of Bahamians on every island.
That is how we will honor the legacy of a lifelong public servant like John Saunders, a man who understood the importance of our Post Office.”
Prime Minister Davis said that for over four decades, Saunders worked his way up to the position of Postmaster General, guiding the institution through years of change.
Davis said that his influence extended across the region, and his legacy runs through every community this post office has ever reached.
“As we name this building in his honor, we are also setting a standard for everyone who will walk through these doors to work, and to everyone who walks through them to be served, a standard of excellence set by John Saunders.
“I say: thank you. Your decades of service have set a standard that our people must rise to meet. Over four decades, you demonstrated what it looks like to answer the call to serve and commit to that duty over the course of a career. We are grateful for your service,” Davis added.
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