WILLEMSTAD - The Ministry of Finance is working on legislation that would require banks to open accounts for all citizens and businesses in Curaçao. This initiative is part of a broader financial inclusion plan aimed at ensuring everyone has access to the domestic payment system.
This proposal comes in response to concerns raised by MFK parliament member Ramon Yung about the current financial and banking situation's impact on Curaçao's economy. Yung expressed his worries that not all citizens or businesses are able to open bank accounts with local banks.
One of the key proposals is the introduction of a basic payment account. This account would be available to everyone, with banks being legally required to open it within ten days of application.
In addition, the ministry is working on establishing a new payment service provider. This provider would offer banking services to individuals and businesses currently unable to access bank accounts with existing local banks.
Minister Javier Silvania also discussed the possibility of creating a National Bank for Curaçao. While he sees many advantages in this, he emphasized the need to carefully assess the impact on the economy and competition with commercial banks before making a decision. “It is important to fully understand the potential effects of a National Bank on the economy and on competition with commercial banks before making a final decision,” he stated.