The Eastern Caribbean Central Bank (ECCB) has called on all licensed financial institutions (LFIs) under the Banking Act of 2015 to introduce basic bank accounts for their customers starting December 1, 2024.
The initiative reflects demands from citizens of the region for easier access to financial services in the formal banking system.
In a circular issued on November 14 to the heads of commercial banks ECCB Governor Timothy N.J. Antoine highlighted the bank’s strategy to simplify account access.
“As part of its strategic objective aimed at fostering financial inclusion, the ECCB and the ECCU Bankers Association through a joint Working Group, has developed a comprehensive action plan to facilitate the ease of account opening at all licensed financial institutions. The provisions are codified as proposed amendments to the Banking Act, 2015 and have been submitted to our member countries,” Antoine explained.
While awaiting the amendments to the Banking Act of 2015, the ECCB has encouraged financial institutions to voluntarily introduce basic bank accounts. These accounts are defined as savings accounts that:
- Are free to open.
- Exempt customers from charges for deposits or withdrawals.
- Earn interest.
- Have no minimum balance requirement.
- May include a maximum balance limit.
- Exclude chequing and overdraft facilities.
To further ease access, the ECCB has outlined simplified due diligence requirements. Individuals need only provide one valid photo ID, such as a national identification card, driver’s license, or passport, to open a basic bank account.
good move. bank of st lucia shut down my account and erased all loan histories. the double ID and utility bill should go to in a counry where 90% do not own their own home but have intergenerational living.
Good initiative. This should work for seniors and persons who do not necessarily have a ‘permanent’ source of revenue and unable to produce the requisite employment letter.
Bravo 👏🏼👏🏼👏🏼👌🏼 Very good Observation
& Consideration Cause not all of us have all the requirements for a basic saving account. Some of us done have a permanent job but would still like to save from the Odd jobs that we do on a daily.
Banking has become to stressful Now.
Good move, but can they also ensure that all banks stay in operation from 8am to 4pm rather than 2pm. This is prevalent in most countries so why not in St.Lucia. Also they could open on atleast 2 Saturdays per month 8am to 2 pm.