Electronic Funds Transfer (EFT) is increasingly recognized as an important component in modernizing financial systems. As digital transactions become more prevalent globally, EFT offers a streamlined, secure, and efficient method for transferring money. For Trinidad and Tobago (T&T), embracing a robust EFT framework can improve financial inclusion, and may be the key to unlocking new avenues for economic growth.
The objectives of this study are to: i) review the international landscape for best practices regarding electronic funds transfer (EFT); ii) conduct a diagnostic assessment of the current state of EFT policy for Trinidad and Tobago (T&T); iii) empirically determine if EFT can have a positive contribution and impact on economic activity in T&T; iv) provide recommendations for an EFT framework for T&T.
A notable recommendation is for the government to facilitate financial inclusion by improving TTBizLink and creating a close digital wallet to accept payments.
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