Fabian Demicoli

Enterprises affected by the Satabank issue urged to get in touch

bankingfinalThe GRTU is following closely the Satabank issue. Satabank has many clients in Malta who had opened accounts with Satabank and used also its EPOS services. These clients are now facing grave financial and cashflow difficulties.

The issue experienced in the recent past with vast numbers of workers finding difficulties setting up a bank account through the major banks in Malta caused a shift to E-money accounts in Satabank and elsewhere. These, many Maltese businesses and workers, who have Satabank accounts, are now in a state of desperation. The information on what is about to happen is very scarce, with calls to Satabank being diverted to a call centre in Bulgaria.







Besides being alarmed due to the plight of its members, GRTU is also concerned about the effect this is having on retail sales. The fact that Satabank users cannot use the funds in their account means that on the consumer side they are unable to receive moneys and spend and on the business side they are unable to utilise such accounts to trade and sell. The problem is being felt most prominently in the Msida, Gzira, Sliema and St Julians areas.

GRTU is asking businesses who have accounts in SATABANK to contact it urgently as a meeting is being held in order to inform members who are Satabank clients on what corrective measures can be taken to resolve individual businesses’ issues with Satabank as soon as possible. 

GRTU is actively in discussion with all relevant authorities to limit any repercussions this is having on businesses.

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The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.

A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).