ECCB Introduces Basic Bank Account to Improve Financial Access
The Eastern Caribbean Central Bank (ECCB) has launched a Basic Bank Account initiative to improve financial access for unbanked and underserved individuals across the Eastern Caribbean Currency Union (ECCU). The initiative, which took effect on December 1, 2024, aims to simplify the account opening process and provide essential banking services to those without an existing bank account.
Key Features and Benefits
Deputy Director of the Financial Sector Supervision Department, Levia Burton-Mark, highlighted the significant benefits of the new account during an appearance on ECCB Connects. The Basic Bank Account requires only one valid government-issued ID—such as a passport, driver’s license, or national ID—for opening, eliminating the need for proof of address or utility bills.
The account is free to open and carries no maintenance fees or minimum balance requirements. It grants access to fundamental banking services, including ATM withdrawals, online banking, and point-of-sale transactions. Account holders can deposit up to EC$3,000 per month, with no limit on accumulated savings.
Targeting the Unbanked and Small Businesses
The initiative is specifically designed for individuals without an existing bank account, ensuring financial inclusion for those previously excluded from the formal banking sector. This includes recent graduates entering the workforce, small-scale entrepreneurs, and informal business operators, such as landscapers and street vendors.
“We consider these individuals vulnerable due to their exclusion from the financial system,” Burton-Mark explained. “This initiative provides them with a structured way to save, conduct transactions, and establish a financial history, which can eventually lead to greater financial opportunities, including credit access.”
Collaboration with Financial Institutions
The ECCB worked closely with the ECCU Bankers Association and other financial regulators to develop this initiative as part of a broader financial inclusion strategy. Banks across the region have committed to offering the Basic Bank Account as a step toward easing the difficulties people face in accessing financial services.
Burton-Mark encouraged those without a bank account to visit their nearest financial institution and inquire about opening a Basic Bank Account. “We applaud the efforts of our banking partners and look forward to working together to continue expanding financial inclusion across the ECCU,” she said.
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Send that memo to ECAB
Here’s a tip: the 1st bank to advertise and introduce the “no appointment opening account” should reap the rewards of this initiative
O now they want poor people money? Looking to get everybody into their system before they fully roll out their Central Bank Digital Currency?
This two IDs thing never made any sense. Both issued by the same govt, with the same information on them