The Eastern Caribbean Central Bank (ECCB) plans to continue work in 2025 to make it easier to open bank accounts.
It was one of several areas ECCB Governor Timothy Antoine identified in a Christmas message.
Antoine and representatives of the Bankers Association of Saint Lucia Inc. met earlier this year to discuss key banking sector issues.
An association release regarding the meeting said the ECCB Governor raised the need to improve the ease of opening bank accounts, especially for unbanked individuals, as a key concern.
Antoine indicated that the issue had featured prominently in his many discussions with various stakeholders before meeting with the Bankers.
“The Bankers acknowledged this and also disclosed that most financial institutions have now eased the requirement and are accepting one piece of identification,” the Bankers Association release noted.
As part of its strategic objective to foster financial inclusion, the ECCB, and the ECCU Bankers Association, through a joint Working Group, have 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 member countries.
In his Christmas message, Antoine said the ECCB would also push ahead with work on more financial protection for consumers, financial Stability, establishing a regional regulator for Citizenship by Investment, greening the financial system, and fully rolling out the Credit Bureau.
In addition, he mentioned investing for financial resilience through financial literacy accompanied by new products such as mutual funds and retail bonds for small investors and data and digital transformation.
Antoine expressed gratitude for the EC dollar’s strength, with a current backing of 98.3 percent backed by growing reserves, while announcing that the institution will press ahead with its Big Push Challenge advocacy.
“We will continue our advocacy for the Big Push challenge predicated on the simple question: what will it take the double the size of our economies over the next decade? And personalised with the question: what will it take to double your net worth? “The ECCB Governor stated.
“The pace of economic activity has quickened powered by Tourism and some improvement in air connectivity. Inflation has fallen from its peak two years ago, but we know only too well that prices are sticky downwards,” Antoine said.
Furthermore, he disclosed that the ECCB projects growth in the ECCU between 4.0 and 5.0 percent.
“We also see and will pursue opportunities for more collaboration and faster collective action,” the ECCB Governor said.
It’s absolutely ludicrous, what the banks ask for when one wants to open an account. For a savings account for a 3 year old child, some of the requirements include a job letter of the guardian, recent utility bill, non-existent ID of child, birth certificate, source of funds, parent/guardian birth certificate and ID, the list goes on! Credit Unions have also joined the fray!
I hold no brief for the bank’s but these requirements are imposed on us as a result of the governments signing up to the FATCA. The banks have no choice but to implement the requirements lest they be de-listed.
I have had to make an appointment at my DEFAULT bank to open a separate account. To accomplish that, I have to provide ALL THE INFORMATION they already have on my default account!! What a waste of MY time to proffer my ID, job letter, utility bill, etc. Next they will be asking for one’s blood type!
We as “Joe Public” will never understand their MINDLESS INSANITY at our expense. Chah!