BASSETERRE, St Kitts – “Accessibility for All” is the guiding principle as the Eastern Caribbean Central Bank (ECCB) and ECCU Ease of Account Opening Working Group collaborate to make it easier for citizens and residents in the Eastern Caribbean Currency Union (ECCU) to open a bank account.
As part of the efforts to ensure greater financial inclusion for the people of the ECCU, the Licensed Financial Institutions (LFIs), operating under the Banking Act, are offering the ECCU First Step Savings Account to underserved and unbanked individuals, 18 years and older, and small business owners. The requirements for this new account make it ideal for first-time account holders to gain access to the formal banking industry and benefit from low-risk financial products and services.
To access the ECCU First Step Savings Account, individuals are required to present only one form of valid photo ID as part of a simplified due diligence and enhanced customer experience process.
The account accrues interest at the rate of 2.0 percent per annum, is free to open, does not attract maintenance fees and does not require a minimum balance to maintain the account. Customers will be able to make deposits up to EC$36,000 annually and have access to a debit card and online services. The account does not offer overdraft or chequebook facilities.
As part of the efforts to inform the public about the features and benefits of the ECCU First Step Savings Account, the ECCB, the ECCU Bankers’ Association and the ECCU Ease of Account Opening Working Group held a town hall session at the Antioch Baptist Church in Saint Christopher (St Kitts) and Nevis on 8 July.
The panellists were: Governor of the ECCB, Timothy N.J. Antoine; president of the ECCU Bankers’ Association, Rolf Phillips; chair of the ECCU Ease of Account Opening Working Group, Norlann Gabriel-Boyea; and co-chair, Ron Leon along with the ECCB’s lead on the project – deputy director, Livia Bertin-Mark. Andre Huie, president of the Media Association of St Kitts and Nevis was the moderator.
Speaking at the town hall session, Governor Antoine, said:
“Financial Inclusion simply is defined as access to financial services, such as banking, payments, credit and insurance; but more than that, it is not just access, it is access that is affordable, that is transparent, and that is fair,” He added that, “At the ECCB, we truly believe that the financial system should work for all except illicit actors—persons who may attempt to misuse the financial system for fraud, money laundering, terrorist financing, proliferation financing.”
Gabriel-Boyea explained that the Working Group was convened in October 2023 with the mandate of creating a roadmap for easing the bank account opening process across the Currency Union.
Gabriel-Boyea said that roadmap included a review of the respective AML/CFT legislation in all of the ECCB member countries; introduction of a low-risk basic payment account to advance the goal of financial inclusion in the region, this product has now been launched as the ECCU First Step Saving Account; and the long-term milestone of adoption of a uniform approach for applying simplified due diligence based on comprehensive risk assessments.
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