Contrary to social media reports of a “small adjustment to the loan payment processing” from the Development Bank of St. Kitts and Nevis (DBSKN), the bank has clarified the recently implemented USD $5.00 + VAT Loan Payment Processing Fee, effective March 2025.

On social media, reports indicated that persons living in SKN who pay loans to the bank, would pay the USD $5.00 + VAT Loan Payment Processing Fee.

However, in a statement on Sunday April 6^th, DBSKN clarified in a statement that it will “apply only to customers utilizing the USD Online Payment Portal.”

“The Bank introduced the USD Online Payment Channel to cater to our overseas customers who previously paid their loans through wire transfers and other third-party services” it added.

According to the bank, “these methods often carried substantial processing fees, with wire transfers averaging over XCD $100.00 plus VAT, and money transfer services at a minimum of USD $10.00. This decision reflects our commitment to maintaining a convenient and affordable payment option to our overseas customers.”

Over the past two years, DBSKN absorbed the escalating operational costs associated with this platform.

This fee the bank explained, will “allow them to continue delivering a high standard of service while ensuring the online payment option remains significantly more affordable than traditional remittance methods”.