WILLEMSTAD – The Fundashon pa Konsumidó (Consumers Organization) has praised the decision by Curaçao’s Parliament to pass legislation granting all residents the right to a bank account. The Consumers Organization views this step as a significant milestone in the island’s digital progress and a key move toward greater financial inclusion.
Since 2012, Consumers International, the global advocacy group for consumer rights, has been working on a project in the Caribbean aimed at ensuring access to banking services. In countries such as Jamaica and Barbados, banks have implemented codes of conduct to improve service quality and transparency for consumers.
In 2015, Fundashon pa Konsumidó joined this initiative, advocating for every citizen’s right to a bank account. The need for this became increasingly urgent as more businesses phased out cash payments in favor of digital transactions.
A Necessity, Not a Luxury
According to Fundashon pa Konsumidó, having a bank account is no longer a luxury but a necessity in modern society. It enables consumers to make payments conveniently, withdraw cash from ATMs, and pay bills online. Without a bank account, financial transactions become complicated and time-consuming. People without accounts are forced to rely on cash, which poses security risks, and often face long waits at banks to handle their financial affairs.
The COVID-19 pandemic highlighted the benefits of digital payment options. Many retailers offered products online, allowing consumers to shop from home. However, this convenience was only available to those with access to banking services.
Aligning with Global Trends
The new legislation aligns with the global trend of making financial services more accessible. Fundashon pa Konsumidó hopes the law will be implemented swiftly and that Curaçao’s banks will cooperate to ensure this right is realized for all residents.
“In today’s digital world, living without a bank account is nearly impossible,” the organization stated.