Banking, Investment and Financial Services

October 28th, 2022

The Future of Banking in T&T

By Kay Baldeosingh-Arjune 

SO web Banking - Richard Downie

Richard Downie
Bankers Association of Trinidad and Tobago (BATT)

Trinidad and Tobago’s (T&T’s) banking and financial sector is ensuring it remains strong, stable and relevant by responding to changing customer needs and technology, and new environmental demands. Here, the Bankers’ Association of Trinidad and Tobago (BATT) provides insights into the key trends shaping the future of banking locally.

How has digitalisation impacted the local banking sector and its customers?

The local banking sector has embraced the digitalisation trend because it is important for the banks to remain competitive and relevant in the market; it provides an opportunity to grow and develop their business through creativity and innovation, and it is an opportunity to give customers the best experience as they interact with the banks’ products and services and most importantly their brand.

Through digital solutions, banks have been able to enhance their operational efficiency; for example, the use of online distribution channels has reduced investment in branches. Financial inclusion has also been improved by providing opportunities to reach the unbanked and underbanked. According to the National Financial Literacy Programme’s (NFLP) national financial literacy survey, approximately 19% of the population in 2022 is unbanked.

Some of the more recent digitalisation offerings from the local banking sector include:

  • Partnership with Fintech (financial technology) companies to offer new solutions. Introduction of Digital Wallets to include the unbanked and provide greater access to cash. Persons can receive cash from their peers and employers without having a bank account.
  • Access to cash from the ATM via an SMS code.
  • One bank launched a fully digital branch showcasing its digital offerings and functionalities.
  • Some services can now be done online, e.g. opening bank accounts and applying for loans.
  • The banks also launched electronic cheques in February 2023.

How has the growth of digital banking affected security and fraud mitigation?

As the use of digital banking increases, fraudsters will find new ways to exploit the system and customers. Financial institutions have the balancing act of managing fraud and staying abreast of the new and evolving fraud typologies while keeping customers at the centre of their strategy. Fraud is a disruption for both banks and customers; it can impact staff productivity and customer convenience. Banks must spend time and resources solving the issue each time a situation occurs. Therefore, banks need to invest in robust fraud detection and prevention systems to maintain customers’ confidence in the banks’ products and the overall financial system and, relatedly, protect the bank’s revenue stream.

Are local banks concerned about sustainability issues?

If citizens and businesses do not engage in sustainable measures now, then Trinidad and Tobago may not have the future it wants. Local banks have already begun to focus on environmental, social and governance (ESG) concerns, where they have integrated sustainability into their businesses. There is a growing sense of urgency that action must be taken now, even more so after the COVID-19 pandemic, which underscored the critical importance of disaster preparedness and community planning.

Banks are taking the lead by financing activities that will support the overall global effort for climate change and build climate resilience. This initiative is called ‘green financing’, where customers can access lower interest loans to purchase electric vehicles or invest in infrastructure that supports green projects such as solar power, green buildings and so on. Some banks have invested approximately TT$100 million in green financing.

If, as a country or individual business, we do not start now to engage or support sustainable measures to reduce our carbon footprint, we will not have the desired future. Banks are best placed to support or influence change for businesses willing to engage in climate change initiatives.

As a country, more can be done cohesively and collectively. With respect to the banks, progress is being made. Some banks, such as Republic Bank, have signed on to the UN Sustainable Development Goals (SDG) goals and joined the Net-Zero Banking Alliance to achieve these goals by 2050. Over the last three years, Republic Bank has engaged in customer agreements and partnerships with the aim of promoting sustainability. Newly built branches are being designed from a conceptual level with green energy in mind.

Understanding the Role of the OPR

By Paul Hadden

SO web Banking- Robby Bhola

Robby Bhola
Deputy Chairman
The Office of Procurement Regulation (OPR)

The journey towards effective, efficient, and transparent public procurement procedures in Trinidad and Tobago dates to pre-independence when we began to see a rise in advocacy for proper procurement procedures. Thus began the long journey towards the creation of what is known today as the Office of Procurement Regulation (OPR).

Who is the OPR?

The OPR is a corporate body established in response to the Public Procurement and Disposal of Public Property Act of 2015. The Act sought to provide for public procurement in accordance with the principles of good governance, namely: accountability, integrity, transparency, and value for money. It aims to promote local industry development, sustainable procurement, and sustainable development.

What is the vision of the OPR?

The vision of the OPR is to be “the catalyst for transformation through best practice in procurement, retention and disposal of public property.”

How does it work?

One of the main functions of the OPR is to establish a comprehensive database of information on public procurement, including information on tenders received, the award and value of contracts, and other such information as the Office thinks fit.

What are the benefits of establishing the OPR? What is its intended impact?

Procurement law ensures that the government’s business practices are effective and efficient, held accountable to international best practices, and that government contracts are awarded fairly and in compliance with all relevant laws and regulations. Public procurement is one of the government’s activities that is most vulnerable to corruption. The implementation of a rigorous public procurement regime is, therefore, one of the most effective ways to foster accountability and combat corruption.

What are the opportunities for businesses?

Suppliers/contractors who are registered on the Procurement Depository will now have their information visible to over 300 public bodies. This creates an opportunity to expand their reach to engage with public bodies with whom they may not have previously done business. There are also no fees associated with registration on the Procurement Depository.

What resources are available to the private sector?

The OPR’s website,, has a wealth of information on various aspects of the OPR’s function and also provides several portals, one of which is the Procurement Depository Additionally, users can contact the Office with queries via e-mail, [email protected], or call 226-4OPR or 627-4OPR.

How to register?

Suppliers/contractors will need to register their lines of business on the Procurement Depository. In order to do this, interested parties need to visit the Depository page at The supplier/contractor would then be guided to submit information in order to create a supplier profile. Following this, they will have to log in to the system to create a supplier record and publish it.