The Eastern Caribbean Central Bank (ECCB) is advocating for simplified bank account opening procedures in the Eastern Caribbean Currency Union (ECCU), comprising eight EC Dollar-using nations.
ECCB Governor, Timothy Antoine, expressed dissatisfaction with the current challenges faced by individuals trying to open bank accounts.
He revealed that a financial literacy and inclusion survey indicated that one hurdle was the difficulty in opening accounts.
The ECCB is collaborating with licensed financial institutions to ease account opening requirements while maintaining their commitment to combating money laundering and financial crimes.
This initiative aligns with the ECCB’s efforts to encourage more ECCU citizens to participate in the financial system and deter reliance on informal means of storing money.
CLICK HERE TO JOIN OUR WHATSAPP GROUP
CLICK HERE TO JOIN OUR WHATSAPP GROUP
CLICK HERE TO JOIN OUR WHATSAPP GROUP
CLICK HERE TO JOIN OUR WHATSAPP GROUP
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
After we sign, one is renegotiating for amendments, from a position of WEAKNESS.
Read the 48 LAWS OF POWER for a start…
Well highlighted, and long overdue.
The hoops and long-winded obstacles you have to go through at present to open a simple bank account is ridiculous. Furthermore, you virtually have to spend half a day doing so.
And it doesn’t matter about your credit rating or status either, because you are at the mercy of – it seems – unsupervised bank tellers and pot luck.
Hopefully this matter is now being addressed and taken seriously.
Many verified businesses and individual banking transactions have been lost due to delays, poor staff training and incompetence, at a cost of millions of Dollars.
The overhaul of Antigua’s banking practices needs to be implemented forthwith.
@Brixtonian September 20, 2023 At 8:41 am
So, Brix, you applaud the ECCB Governor, but your own PM that called out the banks for providing better service, you chastise, all because of your hatred of the man. Shame shame shame.
Ahh, @ Sidey, but what you intentionally forget to mention is the possibility of a conflict of interest from Prime Minister Browne.
I keep telling you that its got nothing to do with disliking the YOUR Prime Minister (because I was a big supporter in 2014).
All Antiguans want is leadership with integrity to govern, honesty, openness, transparency and to fulfil his manifesto promises.
At present Gaston Browne has failed on all the above.
Sidey, don’t HIDE behind the word “HATE”, that you continually use, but instead focus on the word “INTEGRITY”.
That’s all that patriotic Antiguans are interested in, so that the country can make some sort of progress, under the PM’S tutelage.
Again, I don’t expect you to understand this simple concept.
@Brixtonian September 20, 2023 At 8:41 am
“Ahh, @ Sidey, but what you intentionally forget to mention is the possibility of a conflict of interest from Prime Minister Browne.”
Enlighten me about any possible conflict of interest the Prime Minister may have in calling on the bank to improve their services to the customers. The people of Antigua and Barbuda. The Prime Minister is taking up an issue on behalf of the many customers who are at the same time Antiguans and Barbudans, whom he represents. Where in that is the conflict of interest? Please show us.
Percentage of shareholdings? Rings any bells 🛎 🛎 you ding dong …
What we need in Antigua is to end the arrogance of the banks from the clerk on the counter to the managers who think they are god. They need to be reminded that they are using the peoples money and they are there to serve the people and not the other way round.
The sad side effect combatting money laundering is also combatting people’s freedom to do what they want with their own money
Finally something will be done. There are too many unbanked people in the OECS.
Absolutely needed and way long overdue. You can open a bank account in Canada or the USA in 20 minutes or less without being a resident and here you need to fill out 27 pages of documents and you need Proof of address like if it matter if I live in Villa or Skeritt’s Pasture to open bank account.
And everytime you ask the tellers why, they saying it is an ECCB rule!
Same as when you want to withdraw your own money and ask you “what is the purpose of the withdrawal”…and my answer is always…none of your business what I do with my money! It’s mine and I work hard for it! And when you ask who wants to know, they respond the ECCB!
Wonder why some many people use box money!!!
The ECCB need not only to make it easier to open bank accounts they also need to ask us what we want to do with our hard earn money. Once they have cleared it and deemed it “clean” we should be able to do what we want with it, no questions ask.
Comments are closed.