Cabinet approves SSB move to cut million-dollar bank fees

Cabinet has approved a proposal for the Social Security Board (SSB) to become a direct participant in the country’s national payment system. This move is aimed at reducing SSB’s annual bank charges, which currently amount to nearly one million dollars per year.  According to the government, this move would improve the solvency of the fund.  It furthers its justification by noting that it would allow the SSB to have special access to the Automated Payment and Security Settlement Systems (APSSS), which is operated by the Central Bank of Belize. By gaining direct access, the SSB can bypass commercial banks for a significant portion of its payment transactions, thereby eliminating the high fees associated with these services.  The high cost of processing payments has been a major drain on SSB’s finances. The new measure is expected to substantially decrease these operational costs, allowing the savings to be redirected toward the fund’s core purpose of providing social security benefits.  The move is part of a broader strategy to modernize and streamline SSB’s operations while ensuring the long-term financial stability of the fund. It is anticipated that this change will not only save money but also lead to more efficient and secure payment processing for the public.