Data Act: Commission proposes measures for a fair and innovative data economy
01 August 2022
The European Commission proposed new restrictions on who can use and access EU data across...
The Malta Chamber of SMEs has been very vociferous in criticizing the banking situation in Malta. The matter is once again on the top national agenda for Malta and its policy makers.
The SME Chamber also announced results of a recent study among its members which shows how serious the situation is with access to financing and adequate banking services as a top pressing worry, claiming unjustified charges or bureaucracy as main hurdles to their business.
In an interview with Times of Malta, Malta Chamber of SMEs CEO Ms Abigail Agius Mamo said that businesses are being left hanging for months when applying to open a local bank account, with some being refused one altogether.
She insisted that “despite the introduction of new fees, business operators feel that the quality of customer service has worsened. Following two years of dealing with the repercussions of a pandemic and the Ukraine war, lack of cooperation from local banks is the last straw breaking the camel’s back,” Agius Mamo said.
She noted that with BOV being a dominant player in the banking sector, some 90% of the chamber’s members flagging concern over banking matters are BOV clients.
In 2013, the top five pressing problems flagged in a similar survey were not linked to banking. The concerns were business costs, late payments, competition, bureaucracy and keeping up with legislation.
Discussions with the authorities and the banks themselves are underway.
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).