Access to Cash Report Published

Hand putting coin into piggy bank closeup. selective focus

The Department for Enterprise has published the Access to Cash Report which outlines nine recommendations to review and improve access to cash for the Island’s residents, charities and businesses.

In July 2021 Tynwald approved a report from the Chief Minister’s Committee on Community and Public Engagement and agreed that an Access to Cash review be carried out by the Department for Enterprise.

The report concluded with six recommendations for further attention and analysis. The Department has considered these in detail and proposes a number of ongoing actions:
ATM Network Assessment – Finance Isle of Man will continue to monitor the ATM network in liaison with local banks on an annual basis, and work with them to prevent any gaps that emerge, noting that this may be via enhanced cash back services and added deposit services.

Survey – The Department will work further with Business Isle of Man and industry to assess the amount of cash taken in by businesses outside of Douglas to understand how it is banked and seek to understand any problems that this may cause.

Digital Education – Finance Isle of Man will continue work with local banks, the Digital Agency and the Department of Education, Sport and Culture to improve digital education in respect of online banking services and counter any aspects of potential digital exclusion.

Banking Hubs – The Department will take forward this recommendation to discuss further with all relevant stakeholders, including the Treasury, Isle of Man Post Office and the Cabinet Office.Network Coverage – The ongoing roll out of the National Broadband Plan will improve network coverage across the Island. The Department will continue to monitor and review this following completion of the project.

Enhanced Cashback Services – The Department will take forward this recommendation via Business Isle of Man in association with Treasury and the Island’s retail sector.In addition the Department has, on review of the report, added three actions of its own which it will also progress:

The Business Agency will identify and, if possible, remove any barriers to digital payment solutions being made available to Isle of Man businesses.The Department, via Enterprise Support, will develop a support scheme to encourage the adoption of digital payment solutions by small businesses and charities/third sector organisations.

The Department will liaise with Treasury in order to assess how cash is managed to ensure the supply of money in circulation in the Isle of Man is sufficient and meets the needs of the population.

Dr Alex Allinson MHK, Minister for Enterprise, commented:‘The Access to Cash report has highlighted some key areas where we must improve our community’s ability to use digital and physical methods of banking and money services. The work took into account key trends both internationally and domestically, as well as analysis of behavioural and social attitudes towards digital and physical banking.

‘As we move towards a more cashless society we must ensure that this transition is as smooth as possible and does not leave anybody behind. The report gives us clear actions to enable straightforward and consistent access to cash for everyone in our society. Our Island Plan commits to building great communities as well as supporting a strong and diverse economy, and I hope that the recommendations in this report will be another step towards us achieving these goals.’

The Access to Cash Report will be laid before Tynwald in March. The full document is available here: https://www.tynwald.org.im/business/opqp/sittings/20212026/2022-GD-0015.pdf
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