Promoting financial transactions, including the opening of a business or private account, contributes positively to the “ease of doing business” in Aruba and thus to the entrepreneurial and investment climate.
Procedures should be transparent and easily accessible for the benefit of businesses and the citizens of Aruba. In the context of financial inclusion, opening a basic payment account should be possible for everyone. As part of the economic reforms contained in the Land Package, research was conducted and advice was given to the government by an independent consultancy firm, Economisch Bureau Amsterdam (EBA). The report indicates that the administrative burden and costs of unclear compliance requirements and long waiting times in opening a bank account hinder local business and damage the good name of Aruba as an investment destination.
EBA recommends four priority projects that will substantially contribute to Aruba’s business and investment climate. One of those projects is project 4 “Efficiently opening a bank account and a basic payment account for all”. Minister Geoffrey Wever: “In these modern times, businesses and citizens need to be able to open a bank account and conduct financial transactions at an accelerated pace.” “Financial products and services should be accessible to all”.
EBA advises that in this project, the relevant stakeholders work together on drawing up guidelines and agreements for reasonable terms for opening a bank account in Aruba and that these agreements are recorded in a covenant. In addition, the EBA advises that this project also works on making a basic current account available to everyone. The Aruba Bank Association (ABA) and the Centrale Bank Aruba (CBA) will play an important role in this process.
Minister Geoffrey Wever: “EBA has issued interesting recommendations which the government wants to implement. Discussions will soon be held with ABA and CBA to realize the implementation of this project”. “The government of Aruba is offering full support to the implementation hereof.