In a major stride toward greater financial inclusion, the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Currency Union (ECCU) Bankers’ Association have introduced the ECCU First Step Savings Account, a simplified banking product aimed at unbanked and underserved citizens and residents across the region.
Guided by the principle of “Accessibility for All,” the initiative targets individuals 18 years and older, as well as small business owners, making it easier for them to open and maintain a bank account with fewer barriers. The account was developed through a collaboration with the ECCU Ease of Account Opening Working Group, which was established in October 2023.
The ECCU First Step Savings Account is designed to be user-friendly and low-risk. To open the account, customers need only one valid photo ID, as part of a simplified due diligence process that ensures easier access to formal financial services.
Among the key features of the account:
- No maintenance fees
- No minimum balance required
- Free account opening
- Annual deposit limit of EC$36,000
- 2.0% interest per annum
- Access to debit card and online banking services
The account does not include overdraft or cheque-book services, aligning it with global standards for low-risk banking products.
To introduce the new account and its benefits, a town hall meeting was held on July 8 at the Antioch Baptist Church in St Kitts. The session featured a high-profile panel including ECCB Governor Timothy N.J. Antoine, President of the ECCU Bankers’ Association Rolf Phillips, Chair of the Working Group Norlann Gabriel-Boyea, Co-Chair Ron Leon, and ECCB Deputy Director Livia Bertin-Mark, who leads the project. The event was moderated by Andre Huie, President of the Media Association of St Kitts and Nevis.
Governor Antoine emphasized the broader goal of the initiative, stating, “Financial inclusion is more than just access—it is access that is affordable, transparent, and fair. We believe that the financial system should work for all, except for illicit actors who aim to misuse it.”
Gabriel-Boyea highlighted the group’s work in crafting a roadmap that simplifies the account opening process across ECCU member states. This includes reviewing Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) legislation and promoting region-wide adoption of simplified due diligence practices.
The ECCU First Step Savings Account is seen as a crucial tool in reducing financial exclusion and encouraging broader participation in the regional banking system. It reflects the ECCB’s ongoing commitment to ensuring that financial systems in the region serve the needs of all citizens in a secure and equitable manner.