The government wants to improve access to cash machines, according to a new report.

Department for Enterprise has published an ’access to cash’ report which outlines recommendations to review and improve cash access for the island’s residents, charities and businesses.

In July 2021, Tynwald approved a report from the Chief Minister’s committee on community and public engagement and agreed that an access to cash review be carried out by the DfE.

The report concluded with six recommendations for further attention, for which the department has proposed a number of ’ongoing actions’.

The main points included Finance Isle of Man monitoring the ATM network on an annual basis, working with local banks to prevent any gaps that emerge.

Currently, there are 50 cash machines in the island, 34 of which are in Douglas.

The report says the Isle of Man has 5.9 cash points per 10,000 residents, while the UK has 7.9.

Only one cash point is located in the west, which is in Peel, so residents in Ballaugh, for example, currently have to travel to Andreas or Ramsey to their nearest machines. That’s about 6.7 miles to each by road.

In addition to cash machines, the report also highlighted the need for ’enhanced’ cashback services. The department has said it will take this forward via Business Isle of Man, Treasury and the island’s retail sector.

The report said a minor update to existing legislation to allow cashback services without a purchase could ’potentially increase the availability of cash across the network’.

The DfE will also work to identify and remove any barriers to digital payment solutions being made available to Isle of Man businesses and develop a support scheme to encourage the adoption of digital payment solutions by small businesses and charities.

Among other aims of the DfE in light of the report is the goal to monitor the ongoing rollout of the national broadband plan to improve network coverage across the island.

It will also seek to improve digital education in respect of online banking services and counter any aspects of potential digital exclusion, as well as assess the amount of cash taken in by businesses outside of Douglas to understand how it’s banked.

Minister for Enterprise Alex Allinson said: ’The access to cash report has highlighted some key areas where we must improve our community’s ability to use digital and physical methods of banking and money services.

’As we move towards a more cashless society we must ensure that this transition is as smooth as possible and does not leave anybody behind. The report gives us clear actions to enable straightforward and consistent access to cash for everyone in our society. Our Island Plan commits to building great communities as well as supporting a strong and diverse economy, and I hope that the recommendations in this report will be another step towards us achieving these goals.’

The report will be laid before Tynwald in March.