WILLEMSTAD - Very few people on Curaçao are making use of the opportunity to open a basic payment account, despite a law introduced in July aimed at helping residents without bank access. That is the conclusion shared by Pierrot Hurtado, chairman of the Curaçao Bankers Association (CBA), during a parliamentary session on Monday.
The law ensures that individuals who do not have a bank account can open a simple, low-cost payment account intended to improve financial inclusion. However, according to Hurtado, public interest has been minimal.
Preference for Cash Over Banking
Hurtado told Parliament that the low number of applications suggests that a segment of the population “appears to prefer cash” rather than holding a bank account. This preference, he noted, may reflect long-standing habits, mistrust of financial institutions, or a desire to avoid digital or traceable transactions.
“It seems that there is a group in society that still prefers to operate purely with cash,” Hurtado said.
Financial Inclusion Still a Challenge
The revelation raises concerns about Curaçao’s efforts to strengthen financial inclusion—a goal that international organizations such as the IMF and World Bank regard as essential for economic stability, consumer protection and combating financial crime.
The basic payment account was introduced precisely to address gaps affecting vulnerable groups, including:
individuals working informally,
people without stable identification documents,
and residents excluded from traditional banking due to past financial difficulties.
Next Steps
Parliamentarians expressed interest in understanding why the uptake is so low and whether additional communication or public outreach is needed.
Some lawmakers argued that more must be done to:
educate the public about the benefits of bank accounts,
address mistrust between consumers and financial institutions, and
ensure that banks are not placing unnecessary barriers in the application process.
Hurtado indicated that the CBA is willing to work with the government to improve awareness but emphasized that the preference for cash is “deeply rooted” in parts of society.
The government is expected to review the matter in upcoming sessions as Curaçao continues its push toward modernizing its financial system.