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.
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