16 percent of the population without a bank account

WILLEMSTAD - In Curaçao, 16 percent of the population does not have a bank account, and in Sint Maarten, this figure rises to 23 percent. This is according to a recent study by the Central Bank of Curaçao and Sint Maarten (CBCS). 

The study also reveals that the use of cash remains very common in both Curaçao and Sint Maarten. "The use of cash is so deeply ingrained that it remains the preferred method, even when digital payment methods are available," stated the CBCS. High transaction costs might also be a contributing factor, with 81 percent of the population expressing a desire for these costs to be reduced. 

The number of businesses without a bank account is not known, according to the CBCS. "Some businesses find it difficult to open a bank account because they operate in sectors considered high-risk for financial crimes such as money laundering. As a result, banks are hesitant to open accounts for them," explained the Central Bank.