BASSETERRE, St Kitts – Citizens and residents across the Eastern Caribbean Currency Union (ECCU), who have experienced challenges in opening a bank account, now have the opportunity to open a basic savings account at financial institutions within the region.
The ECCU First Step Savings Account is a simple, hassle-free way for individuals to gain access to a range of banking products and services. It forms part of the overall financial inclusion and Ease of Account Opening strategy and is targeted at the unbanked and underserved individuals in the ECCU.
The Eastern Caribbean Central Bank is collaborating with the ECCU Bankers Association and the Ease of Account Working Group on this joint initiative aimed at improving access to banking services, facilitating the ease of opening accounts within the formal financial sector, promoting financial inclusion and improve the ease of doing business in the ECCU.
Speaking on this week’s episode of ECCB Connects, senior manager of corporate services, at the Republic Bank, Saint Lucia, Ron Leon, and chief operations officer at the Eastern Caribbean Amalgamated Bank, Antigua and Barbuda, Sonya Roberts-Carter, explain how the citizens and residents of the ECCU can access and benefit from this new product.
Leon confirms that all financial institutions are ready to move the process forward. He adds that for the everyday person, this account is recommended for savings and easier payment processes and overall, will improve the ECCU financial sector.
Roberts-Carter says the offer is geared primarily towards those individuals who have never established a relationship with a commercial bank or financial institution. She adds that the key features of this account include the adoption of a common name and the same experience for customers across the region. Additionally, there are no monthly fees and no minimum deposit to maintain such an account.
