ECCB To Continue Push For Ease Of Opening Bank Accounts

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...