Law to guarantee a bank account.
ORANJESTAD - The Council of Ministers recently approved the draft law that guarantees all citizens and companies can open a basic bank account, namely the National Ordinance Basic Payment Account (Landsverordening Basisbetaalrekening).
The next step is for the Council of Advice to give advice on this and then present it to the Parliament of Aruba.
Financial exclusion is a problem that undoubtedly warrants attention, according to Mr. Geoffrey Wever, Minister of Economic Affairs, Communications, and Sustainable Development. Thus, a pillar of economic policy is to stimulate financial inclusion. Every citizen must have a basic bank account to participate in the financial system. It is unacceptable that so many people do not have bank accounts. For this reason, the Ministry of Economic Affairs, Communications, and Sustainable Development wants to introduce this law.
A basic bank account is a requirement for a sustainable and solid economy. To create the necessary conditions for this, the Ministry of Economic Affairs, Communications, and Sustainable Development has requested and received from the Central Bank of Aruba a draft law to stimulate every consumer and company to open and use a basic bank account in Aruba.
Various publications, such as The Organization for Economic Cooperation and Development, World Bank, and European Banking Authorities, emphasize financial inclusion. Participation in the financial system is also essential for development and in line with principle 2 of the Sustainable Development Goal. Principle Two: Leave No One Behind. Leave No One Behind (LNOB) is the central, transformative promise of the 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs).
After the Council of Ministers' approval, the draft law to guarantee a bank account for all citizens will go to the Parliament of Aruba.