Improvement of financial transactions, amongst others between personal accounts or business accounts, support the ‘ease of doing business’ on Aruba and therefore support the commercial climate and investment on Aruba.
Procedures need to be transparent and less complicated for local businesses and residents. In the context of financial inclusion, opening a basic account must be possible for everyone. In the context of economic reforms as outlined in the Landspakket, an independent consultative office, Economisch Bureau Amsterdam (EBA), completed an investigation and wrote a recommendation for the Aruban government. In the report, the EBA indicates that administrative delays,‘compliance’ related cost and the long time it takes to open an account jeopardizes commerce and causes damage to Aruba’s name from an investment standpoint.
“Financial products and services must be accessible to everyone,” according to Minister Wever. EBA recommends four projects with high priority that will support commerce and investment on Aruba. One of the projects is project #4: “Opening a bank account in an efficient manner”. Minister Wever explained that in modern times, it is in the interest of the commerce industry and of citizens to be able to open a bank account quicker to process financial transactions.
EBA recommends that within this project, stakeholders work together according to the outlined rules and agreement and open a bank account within reasonable times on Aruba and that these agreements are formed according to a convention. Besides this, EBA also recommends that stakeholds work together on creating a basic payment account that is accessible to everyone. The association of Aruban Bankers (ABA) and the Central Bank of Aruba (CBA) will have a role in this important process.
Minister Geoffrey Wever: “EBA made an interesting recommendation to the government of Aruba, which the government has chosen to implement. Therefore, talks will soon be held with the ABA and CBA to execute this project. The Aruban government supports the implementation of this project”.
