Fresh off an annual general meeting (AGM) at which executives touted a transformation plan featuring a pronounced pivot toward government business, Bank of The Bahamas (BOB) has announced the Restricted Registry Prepaid Card, a card that can only be used to pay for e-services connected to the Registrar General's Department (RGD). The card is intended to limit online exposure and prevent unauthorized use for other goods and services.

In a press statement touting the new card, BOB referenced the January 2016 rollout of the RGD's e-services portal, which the government insisted would speed up the pace of business by making it possible for companies to complete a wide range of corporate transactions online. Among the services offered are paying annual company fees, ordering company documents and incorporating a company.

Weeks after the portal was rolled out, Attorney General Allyson Maynard-Gibson, who has Cabinet responsibility for the RGD, admitted that there were hitches in the operation of the portal, but assured that those kinks were being ironed out.
BOB collaborated with the department to develop the card, according to the press statement, which quoted Vanessa Taylor, senior manager of operations.

"Business owners are navigating a new way of doing business in modern times and progress sometimes creates new needs. With the Restricted Registry Prepaid Card, we have designed a solution that adds another layer of security for companies using the RGD e-portal's services," Taylor said.

Meanwhile, Registrar General Deirdre Clarke-Maycock asserted that the RGD e-services portal meets "the highest security standards available."

" ...We are fully committed to ensuring a safe business environment for our customers. We, therefore, welcome the introduction of BOB's Restricted Registry Prepaid Card as extra security and as an added convenience for our clients who are excited about the new online initiative which was introduced on January 5, 2016," Clarke-Maycock said.

The bank and the RGD say the e-services portal will provide greater convenience and ease of doing business, and also that companies must now consider the best payment options for accessing these services.

"Most financial services institutions have preferred not to use open balance credit cards online due to the risks of credit exposure; however, there was no existing local prepaid card that provided the flexibility required by these companies," the statement said, addressing the motivation for developing the card.

The Restricted Registry Prepaid Card is available only at Bank of The Bahamas Limited. Interested persons may contact BOB's Premier Banking Department for more information.

K. Quincy Parker, Guardian Business Editor

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