NASSAU| PRIME Minister Philip “Brave” Davis underlined the potential for collaboration between the Caribbean and Africa during the Afreximbank Annual Meeting (AAM) at Baha Mar yesterday.
He said the blueprint for collaboration “encompasses key initiatives designed to unite our banking systems, enhance financial inclusivity and catalase economic growth across Africa and the Caribbean”.
He said that a joint financial task force can be a “cornerstone” of the blueprint.
“This collaborative body will enhance the expertise of banking and finance leaders, policymakers and stakeholders from both regions,” he said. “Tasked with identifying and dismantling barriers to banking integration, this taskforce symbolises our collective will to forge a unified path forward”.
The prime minister spoke of potentially “harmonizing” registry frameworks and aligning anti-money laundering standards as part of efforts to “create a seamless environment conducive to cross-regional banking operations.”
He cites the Sand Dollar and the DARE Act as examples of The Bahamas’ pioneering efforts in the digital finance and fintech industry.
“Key to this blueprint is developing human capital, underscoring the belief that our greatest asset is our people,” Mr Davis said. “Joint educational initiatives and training programmes will equip banking professionals with cutting edge skills in fintech, cybersecurity, and registry compliance, ensuring our financial sector is robust, secure, and innovative.”
Mr Davis suggested creating a bilateral payment system or exploring the development of a shared digital currency represents a “bold step” towards financial sovereignty and integration.
“Such an initiative will facilitate smoother trade and investment, reduce our reliance on external currencies, and strengthen our economic bonds,” he said.
“Together, Africa and the Caribbean can embark on this transformative journey driven by unity, innovation, and mutual respect. Let this blueprint be our guide as we strive to unlock the full potential of our regions, forging a path towards prosperity that will be remembered for generations to come.”
